Household HSBC Watch

In another blow to HSBC’s reputation thanks in part to Household International, just this week, HSBC came under fire by more than 100 national and New York-based consumer organizations and community groups calling for state restrictions on “tax refund anticipation loans” and the high amounts of interest and administrative fees charged for them. According to the Buffalo (N.Y.) News, HSBC controls half of the market for refund loans through partnerships with tax preparers such as H&R Block of Kansas City, Mo.

“These loans take part of the earned income credit meant to help children, and put the money in HSBC’s pocket. Started by disgraced predatory lender Household International, nothing really changed when HSBC bought Household in 2002″ said Household -HSBC Watch consumer advocates. “This is truly a case of HSBC taking food out of the mouths of needy families. Facing racketeering charges for this lending, Household and HSBC continue to try and justify their actions” said Household - HSBC Watch.