The Office of Fair Trading, which prosecutes financial crimes in the U.K., reached an agreement with HSBC Holdings Plc, Royal Bank of Scotland Group Plc and six other banks on overdraft fees, while earlier this month another watchdog said it would limit how banks sell some forms of payment insurance.
The regulatory overhaul being crafted by Congress in the United States is the U.S. government’s deepest foray into bank regulation in almost 80 years. The current debate in Congress hasn’t focused on antitrust concerns about the large banks remaining after multiple bank failures.
Stephen Green, HSBC executive chairman, is staying on as executive chairman for at least a year and maybe two. He wants to oversee the restructuring of HSBC’s disastrous incursion into US consumer finance at the height of the credit bubble. He is also reluctant to step down when the bank and the industry face so many challenges.
We have a few challenges for Green:
JM in Oregon said: “I need to get two titles from Household Retail Services. I have made a ton of phone calls and gotten no where.”
JM in Pennsylvania said: “HSBC just keeps calling and it is annoying. I am on the do not call list.”
BD in Wisconsin said: “After Googling the 800 number that calls me at least 5 times a day, but no one is ever there, I want to register a complaint about HSBC. Stop calling…send me an email, or have a live, english speaking person talk to me, please.”
Air Force service member DH said: “I had two Suzuki 4 wheelers and a trailer financed with HSBC. I paid off the loan and never received the title to the trailer. Washington State Dept of Licensing says HRSI still holds the title to the trailer and no one answers the phone. I received the titles to the quads but not the trailer.”
NF said: “HSBC has pinned a bankruptcy on my our account. I have worked on proving my innocence for over a year and have done so 13 times. HSBC sent me bankruptcy information on another individual, cancelled my credit, ruined my credit, and now working very hard on my health. I have contacted a number of people and still no results.”
MR in Minnesota said: “I went into the store in Brainerd on the 4th of the month – the due date of my statement. I made the required payment after driving 20 miles to make sure it was on time, yet my new statement says I paid late and charged an unreasonable amount of $390 to my account. This stinks and I will destroy my card. HSBC should be examined by financial regulators and those looking into the subprime crisis.