HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group operates worldwide. There are so many holding companies within HSBC that two were discovered in the United States that were not even registered with the SEC at the time of discovery. Now we have HSBC Carmel Holdings. It is somewhere within HSBC Finance, formerly Household International. Parent Companies are HSBC Finance Corporation and HSBC North America Holdings Inc. Does this make sense to you?
The trick is to make things as difficult as possible for federal regulators. Why is that necessary? You can answer that yourself. I spoke to the OCC recently, and they freely admitted that HSBC is difficult to follow. Is that by design? You should know that HSBC Finance is the most difficult to follow according to the OCC. State versus Federal control over complaints just adds to the confusion. Compound that with the knowledge that the OCC attempted to cut the FTC out of complaints, even though both are Federal-level agencies. No need to complain to both the OCC and FTC, said the OCC. In theory the OCC will take both. In reality nothing happened.
It was the FTC that stopped abuse at ComputCredit. According to the FTC’s complaint, CompuCredit marketed credit cards, primarily through direct mail solicitations, under various brand names, including Aspire, Aspire A Mas, FreedomCard, Tribute, Imagine, Majestic, Aspen, Emerge and Fingerhut Credit Advantage. What happened to complaints about HSBC credit cards? what happened to complaints about HSBC applying payments as late payments? I suggest to you that part of the answer lies within multiple layers of holding companies and multiple layers of delaying tactics.
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