This is still one of the best accounts I've read on what it feels like to get stuck in a #paydayloan app #debttrap. thebaffler.com/salvos/paid-ph… @NCLC4consumers @CRLONLINE @danielkolitz
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#𝐇𝐑𝟕𝟖𝟔𝟔 𝐢𝐬 𝐚𝐧 𝐚𝐧𝐭𝐢-𝐚𝐟𝐟𝐨𝐫𝐝𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐛𝐢𝐥𝐥. It undermines state interest rate protections, helps high-cost lenders impose triple-digit rates, and adds thousands of dollars to the annual cost of borrowing. Congress must vote NO. #StopTheDebtTrap
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Literally, I have heard from banks that they are scared about having an #SPCP, or even not calling in existing loans. For opponents of "regulatory overreach," the #CFPB's radical #ECOA final rule is a prime example of a regulator telling banks how to lend. consumerfed.org/press_release/…
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So, OpenAI is buying a personal financial management tool (#pfm). Wouldn't it be nice if there were a rule giving people personal #financial data rights? Like a #cfpb #Section1033 rule? pymnts.com/acquisitions/2…
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To the @WhiteHouse claim that the #CFPB costs consumers billions... the cost of regulation is: your car comes with brakes, those brakes meet safety standards, someone inspects them, and car companies pay a price when they manufacture dangerous vehicles. @consumerfed
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If the White House's critique is that the #CFPB costs consumers money, why has it reversed $19 billion in CFPB-granted relief for consumers this year?
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The #Bitsika card perfectly illustrates how some #fintechs and their partner banks see KYC evasion as a product differentiator. They add risk across the #payments ecosystem. bitsika.com
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Adam Rust retweeted
@AdamRust9 This is such an important connection.. linking BSA and consumer protection feels like a real path to stopping harm and getting victims actual redress. Great work pushing this forward.
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Yesterday, @SenWarren @SenatorDurbin @ChrisVanHollen @RepPressley @RepCasten stood with advocacy groups & the @NTEUnion to #DefendCFPB. They know Congress represents people, not billionaires. Thank you for your leadership for the #CFPB. @BorrowerJustice @RealBankReform
🚨LIVE NOW: 1 year after the Trump Admin took over the CFPB @SenWarren @SenatorDurbin @ChrisVanHollen @RepPressley @RepCasten & @SenSchumer are joining us to say #DefendCFPB and #BorrowersNotBillionaires!
📺 WATCH: youtube.com/live/JUnEBdoCh…
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I have a new paper out today calling for greater linkage b/w BSA work against #IllicitFinance & #ConsumerProtection enforcement efforts to fight #scams. This is an opportunity for victims to receive redress. Do you know about funnel accounts? Learn more by reading my paper!
New paper from CFA examines the dramatic rise in #fraud & #scams and calls for closer coordination between consumer protection and the policing of illicit finance. By @AdamRust9
consumerfed.org/press_release/…
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About to enjoy the @ncbudgetandtax Economy For All Summit .ncbudget.org/econ4all?snw=2…
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Notwithstanding that a #ratecap cannot occur without congressional action, limiting such a change to one year effectively requires deferred-interest cards for everyone. The main takeaway should be that financial services expenses need to be a part of the #affordability agenda.
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Notwithstanding the Qs of if a #creditcard cap can be done by fiat (it can't), and if 10% is the right price...I hope the idea that costs for financial services are as much a part of the #affordability agenda as the price of eggs, rent, and transportation.
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I'm kind of let down by Wall Street penalizing #creditcard banks today; usually, the wisdom of crowds leads to a more realistic analysis. Suffice to say, Congressional action, rulemaking, and court injunctions won't be done by next Tuesday.
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So, when are the hearings to consider Stuart Levenbach's nomination to lead the #CFPB? consumerfed.org/press_release/…
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I enjoyed speaking this morning on personal #financial #data sharing & #Section1033 with @jpmorgan @fintechassoc and @PNCBank @bankpolicy and @thehill at "Modern Money: The Next Chapter of #Banking, #Regulation, and Financial Trust." #fintech #privacy #cfpb @consumerfed
Now a panel on consumer data & open banking—examining how access, security, and innovation intersect—with:
- Natalie Talpas (EVP, @PNCBank),
- Kate Prochaska (MD, @jpmorgan),
- Adam Rust (@ConsumerFed)
- Angelena Bradfield (@fintechassoc).
#TheHillEconomy x.com/i/broadcasts/1…
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