Fair Access to Financial Services (OCC-2020-0042-0001) -

Rusty Crab

but it did get worse
kiwifarms.net
So this is a lot to read up on. How does this proposal actually become law? Does it have to get passed the house and the senate?
Dems just retook the senate, so there's a 0% chance this gets through without being mutilated by 'hate speech' exceptions and racial favoritism.
 

I can't imagine

kiwifarms.net
So this is a lot to read up on. How does this proposal actually become law? Does it have to get passed the house and the senate?
Dems just retook the senate, so there's a 0% chance this gets through without being mutilated by 'hate speech' exceptions and racial favoritism.
It's a federal rule, not a bill, so it doesn't go to a vote; it goes through the rulemaking process, which gives the agency a fair amount of latitude. Federal rules are more or less guidelines on how the agency interprets the laws they are set out to enforce. Now, that doesn't mean Congress can't just come in afterward and introduce statutes disallowing the rule from being enforced, but at least actually initiating the rule doesn't rely on their say-so.
 

AnOminous

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True & Honest Fan
Retired Staff
kiwifarms.net
China is about to eclipse the US as the largest economy. And the US economy isn't larger than the rest of the world combined.

American "supremacy" has been made obsolete by the establishment.
China will never have a fucking world reserve currency you goddamn dumbass. They manipulate their currency so viciously and often that nobody in their right mind would fucking use it as a reserve currency. So long as the dollar doesn't suffer the same fate we will always be the largest economy in the world. You'd have to be literally fucking retarded not to understand why.
 

polonium

By your genders combined, I am Captain Tumblr
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China will never have a fucking world reserve currency you goddamn dumbass. They manipulate their currency so viciously and often that nobody in their right mind would fucking use it as a reserve currency. So long as the dollar doesn't suffer the same fate we will always be the largest economy in the world. You'd have to be literally fucking retarded not to understand why.
Money printer go brrrrrr
 

Overly Serious

kiwifarms.net
China will never have a fucking world reserve currency you goddamn dumbass. They manipulate their currency so viciously and often that nobody in their right mind would fucking use it as a reserve currency. So long as the dollar doesn't suffer the same fate we will always be the largest economy in the world. You'd have to be literally fucking retarded not to understand why.

China has been buying up gold for the last few years. However they have behaved in the past, the markets will never not bite when someone promises "I can change."

Being a global reserve currency is too big a prize for China not to go for. Like the old joke about outrunning a lion they don't have to be better than the dollar, the dollar just has to be worse than them. If the dollar takes a steep dive, where else will people turn?
 

teriyakiburns

Uncle O'Ruckus
kiwifarms.net
China has been buying up gold for the last few years. However they have behaved in the past, the markets will never not bite when someone promises "I can change."

Being a global reserve currency is too big a prize for China not to go for. Like the old joke about outrunning a lion they don't have to be better than the dollar, the dollar just has to be worse than them. If the dollar takes a steep dive, where else will people turn?
The Euro. The EU is currently in the process of transferring certain elements of fiscal control from the member states to the EU and the central bank, which will overcome the one major issue that the Euro has suffered since its birth: instability due to lack of central control over the currency. Member states will no longer be able to make certain financial decisions, which historicaly have prevented the Euro from remaining stable in the long term. With that in hand, the Euro would be a strong competitor as a second reserve currency, with a far higher chance of adoption than whatever the Chinese call their money this week.
 

muh_moobs

Lord of mspaint shitposts
kiwifarms.net
China has been buying up gold for the last few years. However they have behaved in the past, the markets will never not bite when someone promises "I can change."

Being a global reserve currency is too big a prize for China not to go for. Like the old joke about outrunning a lion they don't have to be better than the dollar, the dollar just has to be worse than them. If the dollar takes a steep dive, where else will people turn?
The US dollar is in a free-fall at the moment, btw.
 

AnOminous

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True & Honest Fan
Retired Staff
kiwifarms.net
With that in hand, the Euro would be a strong competitor as a second reserve currency, with a far higher chance of adoption than whatever the Chinese call their money this week.
The Euro is a much more serious threat to the dollar than China's shitty currency. What a reserve currency needs is trust and the Chinese will never be able to resist manipulating their currency to an absurd degree. Only a fool would trust their shit currency. Not even Chinese people trust it and routinely try to keep their money in dollars if at all possible.
 

Rusty Crab

but it did get worse
kiwifarms.net
it begins

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https://www.acainternational.org/ne...s-committee-democrats-oppose-fair-access-rule

https://archive.md/qmrzR

They've also introduced a bill with a basically identical name. That one is about, you guessed it, white supremacy.
 

Capsaicin Addict

Dancing on the ashes of history.
True & Honest Fan
kiwifarms.net
it begins

View attachment 1840771

https://www.acainternational.org/ne...s-committee-democrats-oppose-fair-access-rule

https://archive.md/qmrzR

They've also introduced a bill with a basically identical name. That one is about, you guessed it, white supremacy.
Of course.

When the knives came out for Parler I had a pretty good idea that the fair access rule was also going to get chunked. It's a lot harder to suppress people if you're not allowed to deny them access to vital things like banking and payment processing.
 

teriyakiburns

Uncle O'Ruckus
kiwifarms.net
it begins

View attachment 1840771

https://www.acainternational.org/ne...s-committee-democrats-oppose-fair-access-rule

https://archive.md/qmrzR

They've also introduced a bill with a basically identical name. That one is about, you guessed it, white supremacy.
The last time they legislated like this, it was to prevent "discrimination" against "minorities" by mortgage lenders, which actually amounted to not running credit checks or requiring security for poor, black families. The result was the 2008 subprime crash, which was blamed on wall street alone, rather than on the legislation that created the necessity to amortise so much unsecured debt through novel products.

This new piece of legislation is going to create another financial crisis.

Sounds like they don't think they'll be able to push through legislative overrides of the OCC's rulemaking, though, otherwise they wouldn't be whining about it so much.
 

cactus

Cactus Juice Connoisseur
kiwifarms.net
The last time they legislated like this, it was to prevent "discrimination" against "minorities" by mortgage lenders, which actually amounted to not running credit checks or requiring security for poor, black families. The result was the 2008 subprime crash, which was blamed on wall street alone, rather than on the legislation that created the necessity to amortise so much unsecured debt through novel products.

This new piece of legislation is going to create another financial crisis.

Sounds like they don't think they'll be able to push through legislative overrides of the OCC's rulemaking, though, otherwise they wouldn't be whining about it so much.
No, what happened was Clinton had repealed the Glass Steagall Act that prevented sub-prime loans in the first place, it had nothing to do with minorities and homeownership, it was to serve Wall Street. I'm also kinda sleepy so I may have read what you wrote wrong.
 

teriyakiburns

Uncle O'Ruckus
kiwifarms.net
No, what happened was Clinton had repealed the Glass Steagall Act that prevented sub-prime loans in the first place, it had nothing to do with minorities and homeownership, it was to serve Wall Street. I'm also kinda sleepy so I may have read what you wrote wrong.
No, more likely I'm just wrong. I can be very stupid at times.
 

Astral Alley

kiwifarms.net
The rule was passed this morning:
https://twitter.com/USOCC/status/1349727353451155456
https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-8.html

Assuming it is not overturned, it will take effect April 1st.

In the document summarizing the comments, they mention our comments about payment processors but whether or not it will actually affect payment processors remains to be seen: Fair Access to Financial Services Final Rule, January 13, 2021 (occ.gov)
The OCC also received numerous comments about the refusal of payment processors to
process payments for customers availing themselves of lawful businesses. To the extent that
such payment processors are either (1) covered banks or (2) payment processors whose refusal to
process payments is the result of a covered bank’s refusal to provide fair access to financial
services to the payment processor, this rule applies to the bank decision refusing access.
 

Rusty Crab

but it did get worse
kiwifarms.net
The rule was passed this morning:
https://twitter.com/USOCC/status/1349727353451155456
https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-8.html

Assuming it is not overturned, it will take effect April 1st.

In the document summarizing the comments, they mention our comments about payment processors but whether or not it will actually affect payment processors remains to be seen: Fair Access to Financial Services Final Rule, January 13, 2021 (occ.gov)
I've been astonished at how little press this has gotten the entire time

I also feel like this is too good to be true, to have passed with so little resistance. To me that means either it doesn't do what we think it does, or it doesn't actually have any teeth. What's the catch?
 
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