Wednesday, April 14, 2010

Treasury seeks to protect federal benefits: report

http://finance.yahoo.com/news/Treasury-seeks-to-protect-rb-2174460080.html?x=0&sec=topStories&pos=7&asset=&ccode=

This is how bad the lying banks want money, and they intend to take it to.

The Treasury department will release new rules on Wednesday that would prevent banks from seizing a borrower's social security to recover unpaid debt, the Wall Street Journal said.

The proposed new rules, to be published in the Federal Register, will require banks to check if the borrower has received any direct deposits of federal benefits within the past 60 days, the Journal said.

In case the borrower had received a federal benefit then the new rule would require the banks to establish a protected amount equal to the sum of the benefits deposited, the paper said.