Low-level bank workers fired because of new bank standards

27 Aug 2012 08:35 #1 by LOL
http://www.usatoday.com/news/nation/sto ... 57334450/1

This looks like a bad unintended consequence of poorly implemented regulations. Being fired for a minor offense as a teenager. I have actually seen this law listed on job requirements, sounds like companies aren't taking any chances, tough luck getting a banking job if you did something stupid a long time ago.

Big banks have been firing low-level employees like Eggers since the issuance of new federal banking employment guidelines in May 2011 and new mortgage employment guidelines in February.

The tougher standards are meant to weed out executives and mid-level bank employees guilty of transactional crimes, like identity fraud or mortgage fraud, but they are being applied across-the-board thanks to $1 million a day fines for noncompliance.


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27 Aug 2012 09:41 #2 by LadyJazzer
Well, they made "bad decisions"...Isn't that the standard line when people lose their jobs; buy a house and pay on it for 20+ years and get laid off; choose the wrong employer; choose the wrong insurance company. That's the standard Randroid response, isn't it? "Should have made better choices"....

You can't possibly be having an attack of compassion this early in the morning....

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27 Aug 2012 14:32 #3 by LOL
Compassion has nothing to do with it, it's more an irritation with stupid government regulations, red tape and unintended consequences of bad laws. If I were one of those fired bank employees, I would be ticked off, but I would move on and adapt. And probably vote Republican. :)

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27 Aug 2012 14:34 #4 by FredHayek
Isn't this because of Dodd-Frank? More unintended consequences.

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27 Aug 2012 14:35 #5 by LadyJazzer

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