The Federal Reserve will not be changing TILA laws and Rights in July after all - Announced today! BUT where have our elected officials been on this?

If you had read my thoughts and post about the Federal Reserve, a private bank non government entity given the power to change our laws and rights of our being able to sue banks, you knew I was one pissed off person!

I don't normally go off, as I did in that post.  In fact I was livid for days and I called our elected officials and let them know I was one pissed off person.  I asked people to call their elected officials and Ron Paul.  I don't know if many did.  But one thing for sure, if there was going to be a revolt, it might have started in July over this right and laws changing.

The Federal Reserve announced today, they will not be changing the laws after all, come July.  OH My, isn't that nice of them.  That announcement should not have come from the Federal Reserve, that announcement should have come from our elected officials!   Why do I say that?  Because they should have taken a stand for the American people and also said " A private bank, can not change the laws we have put in place to protect the American public".  Our elected officials should have ripped any rights the Federal Reserve had to even change our laws.

At this point they are saying the Federal Reserve is saying they won't modify the rights of the American people, but who is to say, they won't do it at some point in the future?

If the law had changed, that would have meant, banks could literally get away with any fraud they wanted to.  That would mean, you could sign a TILA (truth in lending) at closing saying you will be getting a 2 percent loan and the bank could actually change it to a 10% loan the next week and there would have been nothing you could do about it, unless you paid the bank in full for the amount of the loan before you could sue them!

How outrageous is that?  But is even more outrageous in my opinion, is our elected officials were going to let the Federal Reserve - A Private Bank - do that to the American People!

So, yes, we can be thankful that we won't have fraud committed in every which way to us by the banks, come July.  But can we still be thankful that a private bank has that power in being able to change the rights of the American people?

I had been feeling the urgent need to get people to sue the banks for foreclosure fraud before July, at least that urgency has now been lifted.  Yet, it should never have been placed there in the first place.  We should never have had the worry that a right of the American public, against any type fraud from banks was possibly going to be taken away. 

So, where are our elected officials in this?   I never heard a word or statement of outrage from one official, including Ron Paul regarding the changing our TILA rights, that was going to be in place in July. 

I still say, we need to keep asking our elected officials to take away ANY power the Federal Reserve has to change any of the U.S. laws and rights!  I will keep saying over and over again - The Federal Reserve is a private bank.   They are a corporate entity, who was given the right to print money for the United States with the Federal Reserve act of 1913. Our paper money says "Federal Reserve Note" on it - our coins are actually U.S. treasury money.    But no corporate entity should have any power to change anything about our laws on their own.

I am not fooling myself either, I know Congress and the Senate change the laws constantly for private corporations and banks, but they still have to try and justify the laws, to those who elected them.  A private corporation is not elected nor do they have to answer to the public.

I am breathing a sigh of relief, but I believe we need for our elected officials to answer to the fact they did not stand up to this change and they gave the power to a private entity to make a change it in the first place.

Article about Federal Reserve not changing TILA laws

Portion:


The Federal Reserve Board of Governors confirmed Tuesday that it will not proceed with plans to gut a principal federal remedy for predatory lending.

"The Board has determined that proceeding with the 2009 and 2010 proposals would not be in the public interest," the Fed said in a press release. "Accordingly, the Board does not expect to finalize the August 2009 and September 2010 proposals prior to the July 2011 date for transfer of rulemaking authority to the CFPB."

 

The Fed is officially backing down from its proposal to eliminate rescission, a critical component of consumer-protection law that strips banks of the right to make money on illegal loans.