Today we revisited the University of Maryland at UMUC. The tie-in involves Household International and HSBC Finance. We examined the story long ago, openly stating that UMUC had no business aligning the university and the U.S. military with a predatory lender. Through it all, and as HSBC Finance closes their doors forever, UMUC still maintains the alliance.
The page title is “UMUC – HSBC – North America Military Financial Education Center. It is still a travesty. since our last visit years ago HSBC Finance stands accused of abusing the United States military.
HSBC lobbied for changes to the Soldiers and Sailors Act. HSBC Finance also paid fines for crediting payments as late payments. UMUC has no right to associate students with HSBC Finance, and certainly no right to associate military students with a former predatory lender.
UMUC is a government contractor for military education. To escape liability UMUC says, “UMUC is not responsible for the validity or integrity of information located at external sites.”
For more about the history of HSBC Finance, Household International, and predatory lending we recommend “The Rise And Fall of HSBC Finance” based in part on our book “The History of Predatory Lending.” After reading the 32-page document you tell me if UMUC is right or wrong. Relating to this document we say:
“A focal point of micro and macroeconomics classes, this document is written as a lesson plan. Perfect for management, business law, ethics, and moral values classes, this easy-to-read document is also perfect for educators.”
Facts put UMUC in a bad position. What happens when students ask, “Isn’t UMUC aligned with these guys?”
Who are the guilty parties at UMUC? Pay particular attention to “Household Military Financial Educational Resource Center,” still named after predatory lender Household International. Just look at this list:
Robert Sweo, Assistant Dean of Business Management Studies in the School of Undergraduate Studies (SUS) at University of Maryland University College (UMUC), supervised the development of the HSBC North America Military Financial Education Center.
Joseph Whelan, Chair; Accounting, Economics, and Finance, SUS, UMUC, served as project director and supervised the content of the site.
Emily Medina, Instructional Designer, Course Development, SUS, UMUC, served as project manager and coordinated the flow of materials through the development and production process.
Sharon Goodall, Multimedia Specialist, Course Development, SUS, UMUC, served as technical coordinator and provided programming for this project.
Marky Campbell is currently the Director of Operations, UMUC Regional Programs and is serving as the military consultant on the Household Military Financial Educational Resource Center
As military leaders Household, HSBC Finance, and shady merchant credit cards were financial devices we protected our troops against. Since 2001 financial management classes warned troops about Household International and HSBC Finance. UMUC continues to undermine the effort.