Capital One allegedly cheated users out of $2B interest, CFPB claims
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Big Government.
This decision couldn't come at a better time for those of us in the banking sector, particularly for those who have been vocal advocates for financial freedom and the right to hold one's political views without fear of reprisal.
Bad news came down the wire for small business owners on Monday, December 23, 2024, when a three-judge panel lifted the nationwide block of the Corporate Transparency Act, which we’ve discussed recently on our blog. Judge Mazzant of the US District Court for the Eastern District of Texas granted a preliminary injunction against the CTA, ruling that it falls outside of Congress's powers. That injunction is now lifted, and the CTA is back.
The Consumer Federal Protection Bureau (CFPB) has filed a lawsuit against three massive banks and the operators of Zelle, Early Warning Services, for failing to protect Americans from fraud on the Zelle network. The suit alleges that three of the banks that own Zelle – Chase Bank, Bank of America, and Wells Fargo Bank – did not implement proper safeguards against payment fraud on the app and also failed to adequately investigate complaints of fraud or assist customers in recovering their money. The banks even told consumers they should contact the fraudsters (i.e., the criminals) directly to get their money returned.
Federal investigators have been combing through the financial data - legal consumer transactions – without justifiable cause or legal process. The House Judiciary Committee and its Subcommittee on the Weaponization of the Federal Government, headed up by Chairman Jim Jordan (R-Ohio), has released its interim report, revealing that federal law enforcement conducted broad financial surveillance without warrants.
Under the guise of SAR, “Suspicious Activity Report”, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and the FBI requested the data from multiple financial institutions. Only one is identified as having requested legal process before complying with the request. Other banks voluntarily handed over the information without any sort of search warrant. This unjustified invasion of privacy against law-abiding Americans was tied to specific keywords in their legal consumer transactions. Words like “Trump” and “MAGA,” along with purchases tied to religious retailers and sporting goods stores, were specifically outlined as red flags that may indicate potential extremist behavior.
The committee writes, "Absent renewed safeguards, the federal government and financial institutions will continue to siphon off Americans’ sensitive financial data, place it into the hands of bureaucrats, and erode any remaining semblance of financial privacy in the United States."
Fox News has outlined additional information about the report and its findings, including a copy of the Committee’s document:
Feds conducted 'broad' and 'unjustified' surveillance of Americans' private financial data on Fox News
Feds using banks to surveil Americans' financial data without warrants, House Judiciary says on Fox News
It is precisely this sort of privacy invasion, which we believe has been happening for years and was confirmed by the Subcommittee earlier in 2024, that is the reason behind Old Glory Bank. Law-abiding Americans have a right to their financial privacy, and they have a right to a bank that protects it.
Notice to the Federal Government: IT IS OLD GLORY BANK’S UNWAVERING POLICY THAT WE WILL INFORM CUSTOMERS OF EACH SUBPOENA UNLESS EXPRESSLY PROHIBITED BY LAW (WHICH IS RARE). THEREFORE, DO NOT SEND A SUBPOENA TO OLD GLORY BANK THAT YOU DESIRE TO KEEP CONFIDENTIAL BECAUSE WE WILL NOT KEEP IT CONFIDENTIAL.
In the second quarter of this year, both U.S. Bank and Chase reported closing 48 and 28 branches, respectively. Bank of America is set to close 25 locationsby the end of 2024.
In a groundbreaking announcement, Mark Zuckerberg declared yesterday that Meta will be ending its us...
Breaking News! Nationwide Injunction is back ON for the CTA, thanks to the “merits” panel of the Fif...
On December 23, 2024, a three-judge panel of the Fifth Circuit Court of Appeals lifted U.S. District...
The Consumer Federal Protection Bureau (CFPB) has filed a lawsuit against three massive banks and th...
Debanking is real, folks. For two years, Old Glory Bank has been the lone voice in the wilderness wa...
Is your bank protecting your privacy, or handing over your data with a simple “please” from the Feds...
Old Glory Bank celebrates this huge victory for small business owners. As we wrote on our blog recen...
Financial institutions are shutting down branches throughout the U.S. to streamline operations and c...
