ED Magedson – Founder
federal reserve system board of governorswashington d.c., District of Columbia United States of America
The stated purpose for the establishment of the Electronic Funds Transfer Act WAS the protection and preservation of consumers rights in the new arena of online trade. The Board of Governors of the Federal Reserve System are responsible for promuligating regulations (such as regulation e) which "preserve consumer rights" (codified as 15 usc 1691). It appears that instead said Governors have been BOUGHT OFF by the bank, credit card, and/or other financial institutions to such a degree that now, a consumer who was ripped of by 'lil jesse' willms and his ilk who files a claim, is judged correct and gets his money back, and who in order to avoid willms continuing unlawful debiting practices, changes his credit or debit card numbers can expect HIS BANK to turn over the NEW card numbers to the same band of bandits so they can start defrauding you all over again. THIS HAS ABSOLUTELY GOT TO STOP ,since when is the promotion of fraudulent acts by "the Fed" considered to be "consumer protection"?
This report was posted on Ripoff Report on 12/21/2009 08:21 AM and is a permanent record located here: http://www.ripoffreport.com/r/federal-reserve-system-board-of-governors/washington-dc-District-of-Columbia-/federal-reserve-system-board-of-governors-electronic-funds-transfer-act-regulations-are-b-542942. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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