For the longest time banks have relied on the law to protect the private property of their account holders. Ironically, those same banks increasingly find themselves in the unenviable position of protecting themselves from the law.
Consider Sen. Elizabeth Warren’s Protecting Consumers from Payment Scams Act, co-sponsored with Sen. Richard Blumenthal & Rep. Maxine Waters. Warren, Blumenthal and Waters are unwittingly redistributing wealth to criminals via banks. No stick-ups required.
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