Bank Employees Call for Practices Reform

2009-06-30 18:50:34 (GMT) (WiredPRNews.com - Business, News)

Bank employees are calling for reform of anti-consumer practices.

Bank employees are reportedly speaking against practices deemed “anti-consumer.”

Wired PR News – Employees of banks and consumer advocate groups are alleging that some practices aimed at charging higher fees to consumers have been a contributing factor to the credit crisis. As reported by the Associated Press (AP), some are claiming that several large banks heavily encouraged workers to enroll customers in programs that charged high fees, and other practices for which they are calling for reform.

Stephen Lerner, coordinator for the Service Employees International Union financial reform project, is quoted by the AP as stating of the issue, “One of the core parts of the economic collapse is a business model that encourages too much risk or short-term profit over long-term stability.”

Christopher Feener, who worked several years in the credit card industry, is further quoted in the report as stating of the environment, “Collecting money was always a hard job, but in the last two years it just got crazy.”

Photo Credit: Wikipedia User Elembis