Advocate for consumer financial protections. Director of Financial Services, Consumer Federation of America. Otherwise, reading + working on my serve. OmO!
#ππππππ π’π¬ ποΏ½οΏ½ ππ§ππ’-ππππ¨π«ππππ’π₯π’ππ² ππ’π₯π₯. 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
The solution to the regulatory gray zones around #BaaS, let alone problems like #Synapse that occurred within them, will not be found by granting the space more privileges. Light touch #fintech#KYC facilitates #scams. https://t.co/AeITmhxRdR
If regulators grant banking #charters to 10 #fintechs, and 3 fail within 3 years, is that a net positive? Or 2, or 4? That is the question. How much risk is acceptable?
@royalsreview Except the fixed Cole Ragans. And developed Kris Bubic and Noah Cameron. Didn't interfere with Brady Singer. Pitching is hard. Every team struggles. Prospects are never sure things.
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. https://t.co/yndOHwxQVH
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? https://t.co/HoywoSPfis
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
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. https://t.co/JFlczL5zNg
@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.
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
https://t.co/NFFJ1N1BNQ
@SheilaBair2013 comments in the @FT: US banks need to cut their #creditcard interest rates. Ms. Bair prefers a cap at FFR + 10 percent, an amount consistent with historical market norms. https://t.co/IibigKHhqf