So How Does Cosby’s Situation tie to Financial Crisis?

The answer  is it doesn’t tie, but I can see some parallels. If the allegations are true as to Cosby, he has managed a multi-year cover up remarkably well.  In fact, the argument I hear raised in his defense is that if it really occurred, how could it be kept quiet for so long? (Don’t infer that I buy that argument).

I see a parallel here to the Banking Industry as to the many misdeeds that have transpired with credit card and mortgage debt.  The Consumer Financial Protection Bureau began operations in July, 2011 and was created by the passage of the Dodd-Frank Wall Street and Consumer Protection Act in response to the financial crisis. Since then, the agency has fined or compelled refunds by various banks for fraudulent and abusive practices relating to add-on products sold with their credit cards and mortgage related acts including, but not limited to: Flagstar for $37.5 million, GE Capital for $225 million, Bankrate for $2.9 million, American Express for $59.5 million and Discover for $200 million.  Since there was no watchdog prior to the CFPB – can you imagine what the banks got away with over the last 20 years? How could they keep it quiet for so long?

While we’re talking about the CFPB – there is some good news. A press release from the CFPB yesterday is proposing additional protections for people facing foreclosure.  Though the media had not given it much coverage, Regulation X (which came into effect in January, 2014) provides homeowners with some very valuable protections designed to enhance modification and prevent foreclosure. The release yesterday indicates that more protections are forthcoming.

So what about ISIS and the new Executive Action on Immigration? Let’s leave that for another day…

Enjoy the weekend and be sure to listen in on Saturdays from 8:30 to 10 AM on WDFN 1130 AM – on iHeart at CLICK HERE!– and watch the show on TV 20 on Sundays at 11 AM. Law and Reality is not just information – it’s entertainment!

Ken

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