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#1687937 - 04/11/12 05:35 PM The cost to comply...
MB Guy Offline
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Posts: 10,124
Way, way south.
2012 Regulations will be Large, Costly, & Complex

Posted: 10 Apr 2012 11:07 AM PDT

The CEO of JPMorgan Chase, Jamie Dimon, included a letter to shareholders in the JPMorgan Chase 2011 Annual Report, discussing a number of concerns regarding upcoming regulatory reforms. The letter stated new regulatory requirements will be large, costly and complex, demanding enormous resources.

JPMorgan Chase estimates over the next few years tens of thousands of their employees will work on regulatory changes, of whom 3,000 will be devoted full time to the effort at a cost of close to $3 billion. The bank also recognizes the cost of credit and the cost of banking services will modestly increase as the new regulations are implemented.

In the letter, Dimon states:
As a result of the Dodd-Frank, we now have multiple regulatory agencies with overlapping rules and oversight responsibilities. A robust financial system needs coordinated and consistent regulation that is strong, simple and transparent. The regulators should have clear authority and responsibility.
Dimon also discussing the importance of policy makers to ensure the “final outcome is fair to American banks and that they are fully free to compete in the face of increasingly tough global competition,” pointing to regulations that are unique to American banks such as the Volcker Rule.


Read Dimon’s full letter to shareholders by visiting the JPMorgan Chase homepage, select the Investor Relations tab across the top of the page, then select the Annual Report & Proxy header on the left of the page.
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#1687940 - 04/11/12 05:38 PM Re: The cost to comply... MB Guy
Matt_B Offline
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Matt_B
Joined: Sep 2011
Posts: 1,648
A CU, Where Regs Don't Apply
Million dollars per person, sign me up! smile

Saw this in the ABA Dodd-Frank tracker email, a little crazy to contemplate!
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#1687966 - 04/11/12 06:19 PM Re: The cost to comply... MB Guy
HappyGilmore Offline
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Pulling people out of the ditc...
Dear Mr. Dimon -

The cost not to comply is much greater, just wait for the next class action laswsuit to see what I mean by that. Might I suggest you lower you annual salary and bonus package, and that of your executives, to one that resembles that of Ben & Jerry's - no one can make more than 7 times the lowest paid employee. That will easily make up some, if not all, of the $3 billion, although this savings will be per year.

Sincerely,
A Shareholder...
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#1688029 - 04/11/12 07:55 PM Re: The cost to comply... MB Guy
Princess Romeo Offline

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And no mention of the role they played in creating a reason for these additional regulations. I had my experience with their "0% APY" balance transfer. I actually had to FAX them a copy of their OWN solicitation before they acknowledged that they had made the offer. Then I had to threaten that since they MAILED the offer to me, I was going to file a mail fraud complaint with the Postmaster General if they refused to honor it. Otherwise they were quite content to charge me 13.9%.
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Regulations are a poor substitute for ethics.
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#1688031 - 04/11/12 07:58 PM Re: The cost to comply... MB Guy
Skittles Online
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TN
Note to self - don't tick off Princess Romeo.
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#1688033 - 04/11/12 08:01 PM Re: The cost to comply... Princess Romeo
A_G Offline
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Originally Posted By: Princess Romeo
And no mention of the role they played in creating a reason for these additional regulations. I had my experience with their "0% APY" balance transfer. I actually had to FAX them a copy of their OWN solicitation before they acknowledged that they had made the offer. Then I had to threaten that since they MAILED the offer to me, I was going to file a mail fraud complaint with the Postmaster General if they refused to honor it. Otherwise they were quite content to charge me 13.9%.


::high ten::
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#1688036 - 04/11/12 08:07 PM Re: The cost to comply... Princess Romeo
Aggs Offline
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Aggs
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Hoosier Country
Originally Posted By: Princess Romeo
And no mention of the role they played in creating a reason for these additional regulations. I had my experience with their "0% APY" balance transfer. I actually had to FAX them a copy of their OWN solicitation before they acknowledged that they had made the offer. Then I had to threaten that since they MAILED the offer to me, I was going to file a mail fraud complaint with the Postmaster General if they refused to honor it. Otherwise they were quite content to charge me 13.9%.


You are not alone. I have been fighting with CitiBank for over a year now over their false advertising of a specific credit card program. I am now dealing with the "office of the president". I seriously feel like if they are treating me like this, and I'm a compliance officer for another big bank, how do regular customers feel?! Ugh.
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Opinions expressed in these threads are my own and not my employer's.

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#1688044 - 04/11/12 08:14 PM Re: The cost to comply... MB Guy
HappyGilmore Offline
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Pulling people out of the ditc...
i closed my account with Citicard, and I had had it for years, because of their attempt to jack up my rate from 1.9% to 19%. Said the 1.9% was an error, should have been 19% all along. I said "and it took you 7 years to discover this?" Please close my account, thank you...then they tried to negotiate a rate acceptable to both of us...I mentioned that my balance is almost always paid monthly, 1.9% is acceptable to me...if you can't do that, close the account...took 3 calls until they agreed to close it, and only after I threatened to go to the OCC concerning their deceptive practices...apparently the word "deceptive" triggered something because a supervisor broke in to the call (ne mention that the call may be monitored or recorded) and bent over backwards to make sure I was happy with the closing the account ASAP...
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#1688103 - 04/11/12 09:37 PM Re: The cost to comply... MB Guy
Princess Romeo Offline

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Where the heart is
My latest battle is now with a car rental company. My daughter and her friends rented a car for a week and used the credit card I jointly have with her. When she and her friends showed up to rent the car, the lady at the counter told my daughter that the rental car's insurance was mandatory. My daughter said she had her own insurance, and the lady said it didn't matter, if she wanted the car, she would have to take the insurance. My daughter pointed out that the contract said "Optional" and the lady said if she wanted the car, she had to take it. Well, they had hotel reservations waiting, and the lady was quite intimidating, so she signed.

The insurance was on top of the $25 per day surcharge for being under the age of 25, and they sold her EVERY SINGLE TYPE OF INSURANCE they have to the tune of about $400 on top of the rental car fee and taxes. So what started as a $299 quote on their website turned into a $998 total charge.

The manager at the rental car counter says my daughter signed the "Optional" insurance and so there are no refunds. While there complaining to the manger, three other people spoke up and said the same thing happened to them. I guess our next step is to file a complaint with our credit card, and contact the local news agency, Department of Corporations, and FTC.
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Regulations are a poor substitute for ethics.
Just sayin'

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#1688111 - 04/11/12 10:07 PM Re: The cost to comply... MB Guy
Bones Offline
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Land of Enchantment
Can I ask who the rental car company is? We are going to Portland in June and will have to rent a car and just wondered who to steer clear from .... if you don't mind telling me.
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#1688127 - 04/11/12 11:22 PM Re: The cost to comply... MB Guy
Princess Romeo Offline

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Where the heart is
Dollar Rent-A-Car.

And the worst part is, I'm the one who recommend she use them because they had always provided me with good service. I suspect the agent saw 4 gals in their early twenties and thought she could take advantage.

Anyways, strongly worded letter is currently in progress.
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CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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#1688154 - 04/12/12 12:19 PM Re: The cost to comply... Princess Romeo
edAudit Offline
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edAudit
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You are here
credit card, and contact the local news agency, Department of Corporations, and FTC.


At least you may have a shot with the local news agency. The rest will be a waste of time. I have tried mad The bigest waste is the FTC.
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#1688212 - 04/12/12 02:01 PM Re: The cost to comply... MB Guy
Wonderofitall Offline
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Out West
What about the CFPB? They are interested in helping consumers and might even hold a town hall meeting.
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#1688213 - 04/12/12 02:10 PM Re: The cost to comply... MB Guy
Dani York, CRCM Offline
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PR--Be sure to throw in the words "predatory" and "age discrimination".
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#1688216 - 04/12/12 02:14 PM Re: The cost to comply... Dani York, CRCM
Bobby Boucher Offline
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Down Yonder
Originally Posted By: Dani York
PR--Be sure to throw in the words "predatory" and "age discrimination".

and also "[censored]", "[censored] [censored]", and maybe a couple of "[censored]"s
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#1693090 - 04/26/12 08:01 PM Re: The cost to comply... MB Guy
Princess Romeo Offline

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Princess Romeo
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Where the heart is
Update on the rental car issue: I posted a message on their Facebook page about how disappointed I was over this experience. I received a Facebook message inviting me to fill out the Customer Contact form on their Facebook page.

I did and received a very nice e-mail response that apologized for the experience and behavior of the employee and that a refund of the insurance charges and any associated fees and taxes will be credited to the credit card.
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CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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