Author Topic: S.3217, Restoring American Financial Stability Act of 2010  (Read 2404 times)

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Offline Bigred

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S.3217, Restoring American Financial Stability Act of 2010
« on: April 23, 2010, 04:58:57 PM »
I've been banking with USAA for nearly 15 years and this is the first time I remember them ever asking for something like this.  This is a damn good bank and now it sound like they will have to change things should the new legislation pass as it is.

Quote
Rarely in our 87-year history have we turned to USAA members to weigh in with elected representatives on an issue of great importance. But, we are now.

The U.S. Senate currently is considering legislation (S.3217) that would impose new rules on the nation's financial services industry, including USAA.

As the leading provider of financial services to America's military community, USAA supports financial services reform.

However, the current Senate bill would disproportionally impact USAA because we are a unique and fully integrated association. USAA is not like the banks and other companies that helped bring down our economy, and we never took a penny of TARP funds. We do not engage in the harmful practices this legislation seeks to resolve.

If unchanged, the bill would:

    * Prevent USAA from managing the association's portfolio as we have for the past 87 years.
    * Jeopardize our ability to continue offering many of our competitive products.
    * Limit our ability to return money to our members. Last year, USAA returned $1.2 billion to our members in the form of distributions, dividends, and bank rebates and rewards.*

So, we are asking all USAA members and employees to urge their U.S. senators to amend a portion of the bill, known as the "Volcker Rule," to eliminate its effect on a company like USAA. Please know that this legislation does not impact individual member's investments.

Regardless of the outcome of the legislation, USAA will remain a unique and enduring association that's all about you — the military and their families.

Please take action on this matter by immediately contacting your U.S. senator. You may click here to access a special website that will enable you to quickly send an e-mail message to your senator.
Thank you for your help and support,
Joe Robles Signature
Josue (Joe) Robles Jr.
Major General, USA (Ret.)
President and CEO

Anyone else get something like this from there bank?



Offline Frobozz

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Re: S.3217, Restoring American Financial Stability Act of 2010
« Reply #1 on: April 23, 2010, 05:06:09 PM »
Yes, but the point is to stop banks from acting like investment houses and investment firms from doing banking.   USAA does both.  They'll have to pick one.


 

Offline Bigred

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Re: S.3217, Restoring American Financial Stability Act of 2010
« Reply #2 on: April 23, 2010, 05:16:09 PM »
And I guess they do both well, as not only did they not take any TARP, I also got a check for almost $100 from them.  I like being able to do all my investments with them and I like I can get loans through them, and I like the checking and savings plans they offer, And I prefer their auto and home insurance over any other firms.  There aren't any places I'm aware that offer everything USAA does.  But if other companies can't handle their own shit, then by all means everyone must change.




Offline Aftrthought051

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Re: S.3217, Restoring American Financial Stability Act of 2010
« Reply #3 on: April 23, 2010, 05:32:19 PM »
Yeah, one company does both well, but government decides to step in and tell them they can't do both.  That's just not fair, you have to pick one.  WTF Ever!!  Less government, more people.

Offline Bill

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Re: S.3217, Restoring American Financial Stability Act of 2010
« Reply #4 on: April 23, 2010, 06:02:34 PM »
Yes but the problem is that to make it fair it has to be a blanket.  Despite their past prudence the problem isn't them, the problem is that if it isn't a blanket the "Investment Banks" that nearly bankrupted the world would be asking for the same exception or would start under a new name to ask for the exception with a company that has "no history or impropriety" or some legalese term like that. 

It sucks, no question about it.


Offline Big daddy Eis

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Re: S.3217, Restoring American Financial Stability Act of 2010
« Reply #5 on: April 23, 2010, 06:15:27 PM »
this is going to suck as i have been with them for 13 years, and have everything through them.  Being able to go to them for everything has made life so much easier.  I wonder if there is a way for them to set up another "branch" that way they can still take care of both.  Either way it is going to suck.

Offline Bigred

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Re: S.3217, Restoring American Financial Stability Act of 2010
« Reply #6 on: April 23, 2010, 11:09:28 PM »
this is going to suck as i have been with them for 13 years, and have everything through them.  Being able to go to them for everything has made life so much easier.  I wonder if there is a way for them to set up another "branch" that way they can still take care of both.  Either way it is going to suck.

This is what I'm hoping for.  I'm all for regulation, but frankly there was regulation before but no one was regulating.

The only thing I don't have through USAA is my Home Loan, and thats only because they stopped doing construction loans 3 years ago.  My daughters college fund is through them, I wonder if that will be effected.



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Re: S.3217, Restoring American Financial Stability Act of 2010
« Reply #7 on: April 23, 2010, 11:56:38 PM »
The best thing would have been to let the companies who misbehaved to fail, but just like everything else in our society we punish those who work hard and reward those can't succeed on their own.

Offline Big daddy Eis

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Re: S.3217, Restoring American Financial Stability Act of 2010
« Reply #8 on: April 24, 2010, 10:26:55 AM »
this is going to suck as i have been with them for 13 years, and have everything through them.  Being able to go to them for everything has made life so much easier.  I wonder if there is a way for them to set up another "branch" that way they can still take care of both.  Either way it is going to suck.

This is what I'm hoping for.  I'm all for regulation, but frankly there was regulation before but no one was regulating.

The only thing I don't have through USAA is my Home Loan, and thats only because they stopped doing construction loans 3 years ago.  My daughters college fund is through them, I wonder if that will be effected.

yea, i have a 529 COllege fund for both kids through them and also our Roth IRAs... so it will be interesting to see.

 



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