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A reminder to exercise prudence when investing

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jsk29

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Received this email today:

To Everyone in the Personal Capital Family -


Two things that protect you and your money are under attack. If you've seen the recent news, there are calls to repeal the Fiduciary Rule and the Dodd Frank legislation.

The Fiduciary Rule says that providers of retirement accounts must act in your best interest rather than in their own. No conflicts of interest. See my blog post here.

Dodd Frank is legislation designed to protect consumers and prevent a repeat of the Great Recession of 2008. Of particular importance to you is the effort to take away your rights to get your own financial data from the big banks and brokers. See my blog post here.

We must demand that banks, brokers and our government uphold our ability to see and understand our complete financial situation. Let's speak up!

Call me crazy, but I think we can get responses from at least one person using every major financial institution and at least one person living in every congressional district in the country. Send your opinion to us, and we'll make sure they hear you.

Please do it right now, while the news cycle is hot and people will pay attention to us.


edit: removed news article and replaced it with the email I received. If it still violates the no politics rule then #landfill. My apologies
 
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jsk29

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Mistakes were made
 

TonyStark

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Lol, dude completely switched up the OP.

Unctuous shenanigans.
Where's the head-in-hand emoji?
Either way...
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jsk29

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From Bill Harris's blog (linked in first post):

"Section 1033 protects consumers from being denied access to their own financial data:

SECTION 1033. CONSUMER RIGHTS TO ACCESS INFORMATION

“(a) In general, subject to rules prescribed by the Bureau, a covered person [a bank or broker] shall make available to a consumer, upon request, information in the control or possession of the covered person concerning the consumer financial product or service that the consumer obtained from such covered person, including information relating to any transaction, series of transactions, or to the account including costs, charges and usage data. The information shall be made available in an electronic form usable by consumers.

I can’t imagine any bank or broker trying to prevent their customers from getting access to their own financial data. And yet, that’s what they’re trying to do. Many of the largest financial institutions in the world have been lobbying Washington and strong-arming other firms to achieve this goal for over a year.

...

Please join me in calling on the banks and brokers to keep your data free."


==============================

My intention in creating this thread was to alert people about the possibility that accessing information about their own financial accounts may not be an option in the future.

I had no intention of creating a political debate about Trump and stirring controversy.

If I'm able to give a heads up to one person who had no idea about this than I consider it worth it in exchange to being banned from this forum and considered an 'EPIC FAIL'.

If everyone on the forum is already highly aware of these issues and it's an unspoken rule that there's to be zero notifications or discussion about them then I guess I don't belong here either way.

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lewj24

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wtf is going on in here
 

MJ DeMarco

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Thread closed.

You forgot to say why (or include why) the president would order a review of regulation.

Was it just to help the big Wall Street donors and banks that gave him millions in donations for his campaign? Oh shit, that was Clinton.

This is nothing but more partisan fear mongering as evidenced by the original link to NPR. It's like me citing InfoWars as a source.

A reminder to exercise prudence when investing

We should be doing this 100% of the time anyway, regardless of what government regulations are in place, or not in place.

This thread can be readdressed (probably will need a new thread) when the details of the review become more clearer, and go beyond leftist hysteria.
 
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