As you may recall from one of my previous posts, BOA is on my sh**list.
One of the avenues I used to seek recourse was to write a letter to the Sec of State’s office, not because I expected them to do anything, but because they have been advertising on Tv to hear about scams, so what the heck.
I already got a response from them and it was kind of unexpected. The letter basicaly defered to the federal OCC’s office causing me to wonder why.
Here is what I found out.
Did you know that in 2003 the federal government preempted ALL state banking regulations?
Ever wonder what happened to the interest rate caps, where anything north of 20% was considered loan sharking and was prevented? Wonder about all of the unimaginable abuse that a few years ago seemed unheard of?
Well here is the reason for the bankers change of attitude in a nutshell .. the Sec of State’s office is officialy powerless in this matter. Forget states rights once again …. Uncle Sam runs this show also.