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-p… @NCLC4consumers @CRLONLINE @danielkolitz

#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

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. bit.ly/43h4qZo

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?

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_releas…

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/2026…

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

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?

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/

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

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!

About to enjoy the @ncbudgetandtax Economy For All Summit .ncbudget.org/econ4all?snw=2&…

The Mercury #charter application runs 17 pages, with a 1-page #CRA plan. By comparison, OneMain's 2024 app was 101 pages, with a 28-page CRA plan. De novo shouldn't mean desultory.

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.

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.

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.

So, when are the hearings to consider Stuart Levenbach's nomination to lead the #CFPB? consumerfed.org/press_releas…

People have rarely been so excited about #EFTA. Not surprising to see it in the news this week - it's an essential #payments law.

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