Ouch! Wondering How This Will Affect Credit Consumers

[SOGGIE]

I am wondering how this mess will affect credit consumers.

Citizens Bank’s largest shareholder just got hit with an enormous fine by the feds

RBS, Citicorp, JPMorgan Chase & Co. and Barclays PLC pled guilty to criminal charges that they conspired to manipulate the price of dollars and euros exchanged in the foreign currency exchange spot market, the U.S. Department of Justice said Wednesday. Another bank, UBS AG, pled guilty to manipulating benchmark interest rates.

Fines total $2.7 billion for their misconduct.

http://www.bizjournals.com/boston/news/2015/05/20/citizens-bank-s-largest-shareholder-just-got-hit.h...

[Anonymous]

Very ironic this happening.  We consumers sometimes make mistakes in the credit game-whether it be unemployment, misplaced trust with friends and relatives, and we have to pay the price for 7 years for our errors in judgment.  Most of the banks won't blink an eye and pay the fines without any real consequences.  Somehow these penalties will be passed onto the consumer in higher fees or interest charges.  Tried several times to get in with Barclays and Chase, but have been denied based on things that happened over 4 years ago.  Wonder how it will affect Barclays underwriting in the future as they have to earn back that 2.4 billion somehow. 

[Anonymous]

+1

[MarineVietVet]

Already several threads merged about this. http://ficoforums.myfico.com/t5/Credit-in-the-News/At-least-6-banks-hit-with-large-fines/td-p/402134...