Piles of Penalty Revenue

 He upholds the cause of the oppressed
and gives food to the hungry.
The Lord sets prisoners free,
The Lord watches over the foreigner
and sustains the fatherless and the widow,
but he frustrates the ways of the wicked.
(Psalm 146:7,9)

Are conservative evangelicals good at personal piety but unconcerned about systemic wrongs? Based on today’s verses from Psalms, I contend that a policy that is deliberately designed to funnel money from the worse off to the better off is unbiblical and should concern us.

Recently Wells Fargo admitted that between 2002 and 2016, it “falsified bank records, harmed the credit ratings of customers, unlawfully misused their personal information and wrongfully collected millions of dollars in fees and interest.” 1

Wells Fargo sales representatives, egged on and threatened by their bosses, told customers taking out car loans with them that they were required to buy car loan insurance. This was a lie: there was no such requirement. When that happens, does God hold “the corporation” responsible or the individuals who, out of greed, set the bogus policy? And who should be punished? The bosses who set the policy? The sales reps?

The penalty so far: A fine of $3 billion. And that’s not the last case against Wells Fargo.

God opposes rip-offs of all kinds but the biblical prophets and Psalms have a special ire towards those who rip off the poor.

Consider astronomical late fees on credit cards — charges that far exceed what the delays cost the credit card company. Remember when every credit card, not just the exclusive ones, had an annual membership fee? The annual fees on regular cards have disappeared while the past due payment penalties skyrocketed. So now ironically, those living paycheck to paycheck who can least afford it are huge drivers of credit card company profits and those who can most afford it get a free ride.

(And don’t get me started on overdraft fees on checking accounts………..)

Many argue these issues can be solved with an increase in regulations. But isn’t the real problem here a culture of greed? Can we legislate greed away? Can a company squeezing out every last penny from its poorer customers be forced by law and regulation to behave with sense of “social responsibility”? I doubt it.

But let me recommend a program like Dave Ramsey’s Baby Steps, extremely helpful for those who are trapped in debt. They also have a great online community on Facebook, encouraging each other to follow the steps. Much harder for banks and credit cards to accumulate mass penalty revenue from struggling people if enough folks followed those steps!

  1. https://www.cnn.com/2020/02/21/business/wells-fargo-settlement-doj-sec/index.html

 

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