Household HSBC Watch

It reminds me of the old game we played when we were kids. The game where we had to pick out “the one that was different from all the others.” Banking industry leaders (their words, not mine) are calling for reforms. The proposals were put forward by a high-level group led by former New York Fed chairman Gerald Corrigan. But wait — Corrigan co-chaired the group along with HSBC finance director Doug Flint. Douglas Flint of HSBC asked for it, Knight Vinke has been calling for it, and we are going to put it in black and white. Here are some reforms Doug Flint should address first, before he has any right to speak for the entire industry:

Reform the HSBC Finance online payment website so it works.
Reform the HSBC online payment process so payments are credited correctly.
Reform the HSBC accounting process so payments aren’t always “one day late.”
Reform the customer service approach. Stand behind what they say.
Reform standards to follow, observe, and understand the Soldiers and Sailors Act.
Reform HFC and Beneficial branch standards relative to cold calling
Reform the transfer policy at HSBC Direct
Reform the HSBC London Headquarters policy so they answer their mail

Those initiatives are a good starting point. However, with friends like former New York Fed chairman Gerald Corrigan our readers can see why HSBC is not accountable for any problems, any complaints, or any issues relative to being the biggest subprime lender in the United States. Overlooked by the SEC and OCC our readers can see how politics and lobbying counts for much more than individual customer problems and complaints.