Adam Rust

I'm now reading Continental Drift, by Russell Banks. I remember enjoying The Sweet Hereafter and Rule of the Bone when I read them twenty years ago. I agree with Evan W., reading after work is much better than scrolling.

The Lowlands by Jhumpa Lahiri. Wonderful writing.

In today's #HFSC hearing,
@americanenterprise.bsky.social
Paul Kupiec riffs on the idea of using #AI to write regs and supervise financial institutions. So, soon we could have "regulation-by-bot." What could go wrong?

When every rule issued by the #CFPB has tiered requirements based on asset size, it's impossible to say their rules are "one size fits all." Rules are different for implementation timing and for the frequency and level of examination.

The #CFPB #Section1033 rule prevented banks from charging #openbanking data sharing fees. If banks can charge punitive fees, it protects credit card interchange and thwarts #PayByBank. Story here: #deregulation is threatening financial innovation.

Trump's 'big beautiful bill' slashes CFPB funding: What it means for you A tax and spending package Trump signed July 4 nearly halves the watchdog's annual funding. Resources may be stretched to police consumer financial laws.

The #CFPB has recouped $21 billion in relief for more than 205 million consumers since its inception, but @adamrust.bsky.social, of the Consumer Federation of America, questioned whether the CFPB would be able to fulfill its core functions in a “weakened state.”
@cnbc.com

Judge Rejects Trump Administration’s Efforts to Abandon Redlining Settlement with Townstone Financial Inc. - NFHA FOR IMMEDIATE RELEASE: Judge Rejects Trump Administration’s Efforts to Abandon Redlining Settlement with Townstone Financial Inc. WASHINGTON _ A federal judge has denied an attempt by the new leadersh...

A federal judge rejects the Trump Administration’s efforts to abandon the #CFPB's redlining settlement with Townstone Financial Inc. This is a huge victory protecting against attempts to rollback critical civil rights and fair lending protections.
nationalfairhousing.org/judge-reject...

States Cannot Replace the CFPB · Consumer Federation of America The CFPB's unique position in enforcing federal consumer financial laws, supervising large banks, including national banks, and non-banks, and providing uniform consumer protection across all states i...

Only a fully-staffed #CFPB can oversee America’s #BigBanks, credit bureaus, debt collectors, loan servicers, #BigTech platforms, and 1000s of other financial companies. State AGs will help. We must reject the narrative that they can go it alone. The job is too big. consumerfed.org/states-canno...

Markups | U.S. House Committee on Financial Services

In today's #HFSC committee hearing, @algreen.house.gov said, "We are taking from the needy to give to the greedy." He's speaking the truth: We must preserve the #CFPB's independence and funding. financialservices.house.gov/calendar/eve...

Income from Fees on Nonsufficient Funds and Overdraft Charges

Alta Vista (1573%]), Central St. (292), Fin'l Partnrs (112.5), 1st Imperial (87), 1st US Comm'ty (91.8), Frontwave (111.4), MyPoint (90), PostCity Fin'l (7467), Sierra Cent (122.1), Technology (125.9), Upward (82.5): All California #creditunions w >70% net income via #NSF #overdraft. bit.ly/3Expjqv

Federal Reserve Board announces approval of application by Capital One Financial Corporation to merge with Discover Financial Services and issues a consent order with Discover The Federal Reserve Board on Friday announced its approval of the application by Capital One Financial Corporation, of McLean, Virginia, to merge with Discover

How can a #banking regulator approve a #merger application and simultaneously issue a consent order against the acquired #bank on the same day? federalreserve.gov/newsevents/p... The Fed made the wrong call to approve the #CapitalOne #Discover merger.

CFPB to make sweeping job cuts as Trump admin refocuses agency The Consumer Financial Protection Bureau (CFPB) moved to make sweeping job cuts as the Trump administration looks refocus the agency's regulatory objectives with a smaller workforce.

By saving people $21 billion since the #CFPB’s inception, the staff at the agency has demonstrated the value they bring. They deserve respect, not extremist attacks on their livelihoods inspired by the whims of billionaires. foxbusiness.com/politics/cfp... @consumerfed.bsky.social #HandsoffCFPB

President Trump can save families $15 billion per year in two easy steps: veto #SJRes18, the #CRA to reverse the #CFPB #overdraft rule. Two, prevent the CFPB from vacating the credit card late fees rule. #HandsOffCFPB #DefendCFPB

Curious How Much Banks Make from Overdraft Fees? We Have the Data · Consumer Federation of America Authors: Ethan Weiland, Adam Rust Overdraft fees transfer billions of dollars of wealth from regular people to banks every year. The Consumer Financial Protection Bureau (CFPB) recently introduced a r...

Curious How Much #Banks Make from #Overdraft Fees? We Have the Data. consumerfed.org/curious-how-... #HandsOffCFPB #DefendCFPB

Today's is a good day for some #GoodTrouble. #HandsOffCFPB in #DurhamNC.

By Vacating Townstone, the CFPB Prolongs its March Madness · Consumer Federation of America The unprecedented corporate pardon granted by the Consumer Financial Protection Bureau (CFPB) Acting Director Russ Vought to Townstone Financial flouts rules designed to prevent redlining and sets a d...

Question - during the upcoming budget discussions, how much will be allocated for payments to companies who make discriminatory advertisements? consumerfed.org/by-vacating-...

By Vacating Townstone, the CFPB Prolongs its March Madness · Consumer Federation of America The unprecedented corporate pardon granted by the Consumer Financial Protection Bureau (CFPB) Acting Director Russ Vought to Townstone Financial flouts rules designed to prevent redlining and sets a d...

Giving money back to discriminatory lenders while intercepting refunds due to people who couldnt get help from their #paymentapp after #fraud is wrong! #HandsOffCFPB #DefendCFPB consumerfed.org/by-vacating-...

CFPB withdraws ‘inappropriate’ filing in NY AG’s suit against Citi The bureau’s brief was withdrawn because it “advances an interpretation of the Electronic Funds Transfer Act that has never been embraced by any federal court prior.”

One more bit of March Madness at the #CFPB. Withdrawing its #amicus in NY v. #Citibank that argued #EFTA's fraud protections apply when consumers are victimized in wire transfer scams. With this & cash app reversal, it bears asking, "what does this CFPB intend to do about fraud?" bit.ly/4l5KHUf

"The only people this helps are too-big-to-fail banks and Silicon Valley billionaires." #HandsOffCFPB

The God of the Woods by Liz Moore: 9780593418918 | PenguinRandomHouse.com: Books ONE OF THE NEW YORK TIMES’S NOTABLE BOOKS OF 2024 A NEW YORK TIMES BEST THRILLER OF 2024 A NEW YORK TIMES BEST CRIME NOVEL OF 2024 PEOPLE MAGAZINE’S #1 BOOK OF THE YEAR ONE OF NPR’S...

I just finished "The God of the Woods" by lizmoorebooks@bsky.social.
Meets the "propulsive" standard for #books. It's a mystery with great characters, sense of place, layering. www.penguinrandomhouse.com/books/676637...

Consumer voices will be heard! We’re meeting with Congress all week as part of the 2025 Consumer Advocacy Week. Top priorities: Keep big bank overdraft fees capped at $5, protect a rule to remove medical debt from credit reports, and defend the #CFPB. #ProtectConsumers #CAW2025

Libby

Protect the Consumer Financial Protection Bureau

Thank you @repbillfoster.bsky.social for meeting with us to support the #CFPB during Consumer Advocacy Week. Protecting the CFPB's rules on #medicaldebt, #overdraft, and #paymentapps is vital. These are essential rules to protect #consumer financial stability. #CAW2025 #ProtectConsumers #CAW2025

Imagine a grocery store where a jar of pickles is $5, but if you break a jar by accident while shopping, it's a $35 fee. That's how #bigbanks price #overdraft. And some set up traps to encourage spills. #DefendCFPB #HandsOffCFPB #CAW2025

Thank you @foushee.house.gov for meeting with us to discuss the #CFPB during Consumer Advocacy Week. Protecting the CFPB's rules on #medicaldebt, #overdraft, and #paymentapps is vital. These are essential rules to protect #consumer financial stability. #CAW2025 #ProtectConsumers #CAW2025

Thank you @ross.house.gov for taking the time to meet with us during Consumer Advocacy Week. We hope you’ll stand with us in support of the #CFPB and its mission to #ProtectConsumers #HandsOffCFPB #CAW2025.

This week, we’re taking a virtual trip to the Capitol to tell Congress to protect people from abusive #overdraft fees, allow #MedicalDebt to drop from credit reports, and defend the #CFPB’s critical work to #ProtectConsumers. #HandsOffCFPB #CAW2025

With the muzzling of the CFPB, consumer expectations for important privileges are suddenly no longer certain. Since the #CFPB is the primary federal regulator for non-banks, using a fintech may be among the categories where the terms are changing the most. @nytimes.com

To Understand What Is At Stake if the CFPB Stops its Supervisory Work, Look to the Accomplishments of the Last Administration · Consumer Federation of America When Congress passed the Consumer Financial Protection Act it created and gave the Consumer Financial Protection Bureau (CFPB) rulemaking, enforcement, and supervisory authorities. Supervision is impo...

To understand what's at stake when the CFPB's supervisory work is suspended, look at what it did under Dir. Chorpa: It held #BigTech, #bigbanks, #paydaylenders, #payments apps, & #studentloan servicers accountable. #defendCFPB @consumerfed.bsky.social @erinwitte-cfa.bsky.social
bit.ly/4hOrwvz

Today's Consumer Financial Protection Bureau
report on #BNPL adds to previous concerns: people come to BNPL w high balances on credit cards. Repayment on BNPL is higher b/c of Ts & Cs requiring auto collection: a/k/a "Ability-to-Collect." It's phantom debt and it spells big trouble. bit.ly/4gPmLlC