Look Who Has Free Access to Credit Cards

“Modern man drives a mortgaged car over a bond-financed highway on credit-card gas.”   ~~Earl Wilson
“Modern man drives a mortgaged car over a bond-financed highway on credit-card gas.” ~~Earl Wilson


Last week the senate debated new regulations for the credit card industry. Senator David Vitter (R-LA) proposed Amendment #1066 to strengthen the regulations. His amendment would close the loophole that facilitated the 9/11 event by requiring all US Banks to verify the identity of “any applicant” who is not a citizen or national of the United States before allowing them to open a credit or debit card account. Senator Vitter, defending his amendment, argued that since 9/11, several US Banks exploit this loophole and continue to issue credit and debit cards to illegal aliens.

The Senate Banking Committee chairperson Chris Dodd (D-CT), erroneously spoke out in opposition to Vitter’s amendment stating the USA Patriot Act already addressed this issue and the recent bill is to provide consumer protection through credit card reform. Well Senator Dodd, had you read the section (and I doubt you did) that addresses Senator Vitter’s concern, you will find the wording leaves a HUGE loophole for banks to do their own thing---and they are! Senator Dodd closed his opposition on Vitter’s Amendment by stating that the Treasury Department was also opposed to the Amendment. Oh what tangled webs we weave, when first we practice to deceive… Senator Vitter’s amendment was defeated!

The 9/11 Commission reported that hijackers not only circumvented immigration laws, they financed their horrendous actions against our country using ATM’s and credit cards issued by US Banks.

Congress referred the Commission’s report to the Department of Treasury as part of the USA Patriot Act. They in turn were supposed to impose strict regulations requiring banks to obtain, and correctly record, vital identifying information about their customers. This included date of birth, Social Security number, and passport number. Unfortunately, the final regulations handed down left the gaping hole that Senator Vitter was trying to close. The Treasury's wording, allowed banks to develop their own “at risk approach” for determining whom their customers’ were. Wait a minute; I thought the Patriot Act was set up to protect American citizens. Oops, I forgot that’s only in fairy tales!

“Communism has never come to power in a country that was not disrupted by war or corruption or both.”~~J F Kennedy

Comments 20 comments

Nancy's Niche profile image

Nancy's Niche 5 years ago from USA Author

Thanks for your comment RebuildingJobs. The Occupy Wall Street Crowd, and private individuals through Social Media, have had a tremendous impact on B of A.

Good for them, that’s what it will take to keep our government honest, ethical and out of the hands of special interest groups going forward.

People in this country have had a false sense of trust and security in our government for too long. The fight has just begun!

Here’s a site that explains where we stand today with too much government and the less then ethical behavior going on: http://www.givemeliberty.org/

RebuildingJobs profile image

RebuildingJobs 5 years ago from USA

One thing I would like for Hub Pages to do is to include dates when articles are written. I have found that I have had to include dates, myself. That's just a side note. So as the banks helped the terrorists terrorize us on 9/11, they also paid for the terrorists flying lessons at a Florida pilot training place. Just to help everyone where we have come since the credit card bill proposal--The Occupy Wall Street Crowd has changed the minds of Bank of America to charge that $5 fee for the debit card use. Going back to the credit card proposal--if banks wanted to only issue cards to US citizens they certainly could, but as we have discovered through the years, many are not going to do what is ethical or in the best interest of the common good, unless they have to.

Nancy's Niche profile image

Nancy's Niche 7 years ago from USA Author

Storytellersus, thanks for your comment. I believe that when one gets to comfortable and begins allowing money to influence them corruption takes root. These career politicians have fallen into that comfortable place. Much of what they do can be blamed on the uninformed and pathetic citizens too. As the old saying goes, “you get what you expect!”

Storytellersrus profile image

Storytellersrus 7 years ago from Stepping past clutter

I agree, this interests me. I am not sure why politicians do what they do. I think they start out really optimistic and committed but Washington works on them and they wind up jaded. It has to be tough to maintain in such a climate. It is tough enough to remain sane and keep facts straight while listening to these debates on television or on the radio.

Nancy's Niche profile image

Nancy's Niche 7 years ago from USA Author

RT, thank you for commenting on this article.

RTalloni profile image

RTalloni 7 years ago from the short journey

Good stuff to consider. Thanks again.

Nancy's Niche profile image

Nancy's Niche 7 years ago from USA Author

Thanks Lgali, as always I appreciate your visits and comments...Our government has once again dropped the ball...

Lgali profile image

Lgali 7 years ago

Very interesting hub lot of nice points

Nancy's Niche profile image

Nancy's Niche 7 years ago from USA Author

suziecat7, Thanks for your comment and taking time to read my article. Your right, politicians cater to those who line their pockets…We all need to follow their votes on issues, and if catering to the lobbyist---kick them out of office with OUR VOTE! Then and only then will they realize we are serious…

suziecat7 profile image

suziecat7 7 years ago from Asheville, NC

Policians don't do the popular thing, they work in the interests of those who put money in their pockets. They walk the line on popular opinion usually in the end caving in to big business. Good Hub.

Nancy's Niche profile image

Nancy's Niche 7 years ago from USA Author

Quicksand, thanks for visiting my hub and commenting. Yes, banks are taking advantage of consumers through outrageous credit cards fees. Hopefully, the new laws going into affect will curtail or eliminate some of their GREEDY tactics...

quicksand profile image

quicksand 7 years ago

A credit card certainly is an important instrument in the business world. I am told that the profits the banks make far outweigh the losses incurred due to fraudulent activities. Otherwise they will not go on. Using advanced technology to curb fraudulent activities seem to be working better than expected they say. :)

Nancy's Niche profile image

Nancy's Niche 7 years ago from USA Author

Thanks SP, your commets are always welcome and appreciated. This is a serious issue that can no longer be ignored. Hopefully, our congressional leaders will pass this bill....

SweetiePie profile image

SweetiePie 7 years ago from Southern California, USA

Very interesting hub and while I have heard these things a couple of times, you summarized this topic very well.

Nancy's Niche profile image

Nancy's Niche 7 years ago from USA Author

shibashake, thanks for your comment. Doing the right thing isn't always the popular thing to do but, it's the ethical thing to do...Something that sadly is lacking in our politicians.

shibashake profile image

shibashake 7 years ago

Hi Nancy, I definitely agree with you and the other comments. Politicians will often do what is popular and what will get them reelected in the short term rather than what would bring better results in the long term. This is a difficult one to address because shorter/fewer terms could just mean an even shorter outlook wrt. policy and longer terms lead to what we have now. :-/

Nancy's Niche profile image

Nancy's Niche 7 years ago from USA Author

Dolores, thanks for your interest and comment...It's just crazy! The same thing happened to me; my mother passed in 2005 and she still receives offers for credit cards too. 

Here's some info to help you---http://www.privacyrights.org/fs/fs4-junk.htm

Dolores Monet profile image

Dolores Monet 7 years ago from East Coast, United States

Nancy, I realized the whole credit card industry was way out of hand when they sent a credit card application to my father. At the time, he'd been dead for 10 years.

Nancy's Niche profile image

Nancy's Niche 7 years ago from USA Author

Jerilee, how right you are on the lobbyists running the show. One of the main issues people wrote in about, and gave examples of, was the interest rate games the banks are playing. Many of us ask that they cap the interest rate and of course, our representatives shot that down. Time to move all career politicians and family dynasties out of office.

Term limits need to be set for house, senate and Supreme Court positions; I believe 2 terms of 2 years is more than suitable. Our constitution was not designed with career politicians in mind, it was written with the idea of the common working class being elected to fill seats in these critical areas of government.

Jerilee Wei profile image

Jerilee Wei 7 years ago from United States

Good point on the bill. There's also some other things that make this legislation just another same old song when it comes to the credit lenders and their lobbyists.

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