Adam Rust @AdamRust9
Advocate for consumer financial protections. Director of Financial Services at the Consumer Federation of America. Also: photography, books, yoga, DIY. OmO! Durham, North Carolina Joined May 2020-
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Thank you, Senators @CoryBooker & @ChrisVanHollen, for your leadership to #defendCFPB and its proposed rule on #overdraft. booker.senate.gov/news/press/boo…
Too many workers are turning over their hourly wages to EWA. Cal DFPI on #EWA: "users often feel compelled to leave (tips) due to applied pressure tactics like... claiming tips are used to support other vulnerable consumers or for charitable purposes." bit.ly/4dezgFG
What does it say that policymakers want to force Bytedance to sell TikTok, but no one got too bothered when Bertelsmann bought Penguin Random House? bertelsmann.com/news-and-media….
In comments to @SECGov, 97% of #investors said they wanted #climatechange disclosures. This desire was first raised in 2003. Yet, it is being CRA-ed in #HJRes127. Even with disclosures, head-in-sands types are free to be blind. Let others know. bit.ly/4aYBkzQ
5th Circuit ruling, permitting judge not to recuse, in the @CFPB #creditcardlate fees case, which was retained by the 5th from the DC court: "A Judge's retention of preferred cases...may create the appearance of a biased tribunal, and may engender a perception of favoritism."
#CreditCard late fees and #overdraftfees are paid by the people who can least afford them + bear no relationship to the costs #banks incur? Unfortunately, #HFSC passed a CRA through last night to reverse the @CFPB rule. #Defendcfpb #ConsumersRising news.bloomberglaw.com/banking-law/cf…
Here's the rub on opposing the @CFPB #creditcardlatefees rule. It affects a handful of the #bigbanks, hq'ed in just a few states, but it impacts #consumers everywhere. Most electeds are in states where impact is anti-consumer only. #junkfees
Heard in HFSC today: w/o late fees, banks will stop issuing #creditcards. B/c w/o the $10b in fees, they will give up $110 billion in interest. Reality check: a bank that gives up $11 b/c it can't have a 12th is not led by sensible managers. youtube.com/watch?v=4Fek5h… #DefendCFPB
Let's protect the #creditcard late fees rule. Banks are earning plenty without making profits on #junkfees. BTW, Dodd-Frank said penalty fees have to be reasonable and proportional. The @CFPB is just closing a loophole.
Let's protect the #creditcard late fees rule. Banks are earning plenty without making profits on #junkfees. BTW, Dodd-Frank said penalty fees have to be reasonable and proportional. The @CFPB is just closing a loophole.
The Capital One - Discover #merger is such a clear example of a merger providing clear benefit to shareholders. Yet we are still waiting on any granularity on how it helps the public. They have not made their case. #creditcards
The Capital One - Discover #merger is such a clear example of a merger providing clear benefit to shareholders. Yet we are still waiting on any granularity on how it helps the public. They have not made their case. #creditcards
Companies whose hiring practices reveal higher levels of bias are less likely to be profitable. nytimes.com/2024/04/08/ups…
And you have to ask yourself: are you on the side of more #junkfees for #bigbanks or for everyday people? The @CFPB wants to ensure markets are transparent and fair. #defendcfpb prospect.org/politics/2024-…
Nobel Prize economist Amaryta Sen noted there has never been a famine in a democratic country w a free press. Reporters w/o Borders: "journalists are the victims of press freedom violations by both the Palestinian Authority and Israeli occupation forces. bit.ly/3Ud55qY
The fact that this case went FROM a judge with a financial conflict TO a judge with a financial conflict tells you everything you need to know about why credit card companies sued the @CFPB in the Fifth Circuit. @ConsumerFed @AdamRust9
The fact that this case went FROM a judge with a financial conflict TO a judge with a financial conflict tells you everything you need to know about why credit card companies sued the @CFPB in the Fifth Circuit. @ConsumerFed @AdamRust9
NEW: 5th Circuit Judge Don Willett, who's hearing the legal challenge to CFPB's $8 cap on credit card late fees, reported stock holdings in Citigroup, the nation's second-largest issuer of credit cards. subscriber.politicopro.com/article/2024/0…
It appears to this Judge that bank have stakes in a case when they buy membership in a trade assn, but buyers of bank equity have no stake. Difficult principle to understand.
It appears to this Judge that bank have stakes in a case when they buy membership in a trade assn, but buyers of bank equity have no stake. Difficult principle to understand.
Interesting @FDICgov research: Deposits in community #banks in metro counties tend to grow at roughly the same rate as population growth, while #deposits in community banks in less-populous counties grow more slowly. fdic.gov/analysis/quart…
!!! The 5th Circuit blocks the transfer of the credit card late fee case to D.C.—even though it has already been transferred. Not sure how that works. The 5th Circuit also orders the federal court in D.C. to "disregard" the case. Not sure it can do that! s3.documentcloud.org/documents/2453…
The Supreme Court May Give Us Another 2008 Financial Crisis levernews.com/the-supreme-co…
The Texas judge’s opinion conveniently supports bank stall tactics on the new #CRA rule by taking a definition of ‘community’ from Webster’s Dictionary, rather than an understanding of how the internet has transformed banking. consumerfed.org/press_release/… #communityreinvestmentact
Consumer Federation o.. @ConsumerFed
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34K Followers 3K Following Tech reporter for @CNN. I try to make public policy relevant to you. Past: @WashingtonPost Mastodon: @[email protected] Bluesky: https://t.co/JTVswBpl7mBecause #BNPL providers don’t consistently report to credit bureaus, there are concerns that users could be racking up #debts they cannot afford to pay back. Banks and credit bureaus don’t have the full financial picture for those users, said @AdamRust9 on.mktw.net/3vZBjNl
Let's protect the #creditcard late fees rule. Banks are earning plenty without making profits on #junkfees. BTW, Dodd-Frank said penalty fees have to be reasonable and proportional. The @CFPB is just closing a loophole.
Our annual Consumer Advocacy Week kicks off today! Together with @RealBankReform @CRLONLINE @consumeraction @ConsumerReports @NACAdvocate @NCLC4consumers @ncl_tweets @Public_Citizen @uspirg @WeAreUnidosUS We are calling on #Congress to support the @CFPB and #ProtectConsumers
Why shouldn't these data brokers take all my data without my permission, sell it to whomever they want including scammers, let anyone steal sensitive financial information and make huge profits? What's the problem?
Our annual Consumer Advocacy Week kicks off today! Together with @RealBankReform @CRLONLINE @consumeraction @ConsumerReports @NACAdvocate @NCLC4consumers @ncl_tweets @Public_Citizen @uspirg @WeAreUnidosUS We are calling on #Congress to support the @CFPB and #ProtectConsumers
Yesterday, at @CHCI CRL's David Ferreira joined Elizabeth Plasencia Reynoso, Norma Zuniga-Cardoza @GHCC_news & Clarinda Landeros @NALCAB to discuss the need for more data collection & transparency, as well as access to capital for Latino entrepreneurship. #CHCI #LatinoLeadership
NEW: 5th Circuit Judge Don Willett, who's hearing the legal challenge to CFPB's $8 cap on credit card late fees, reported stock holdings in Citigroup, the nation's second-largest issuer of credit cards. subscriber.politicopro.com/article/2024/0…
Another Senator - this one the Majority Leader - comes out with concerns about Capital One / Discover nydailynews.com/2024/04/07/sen…
!!! The 5th Circuit blocks the transfer of the credit card late fee case to D.C.—even though it has already been transferred. Not sure how that works. The 5th Circuit also orders the federal court in D.C. to "disregard" the case. Not sure it can do that! s3.documentcloud.org/documents/2453…
Cash advances, including Earned Wage Advances, often resemble payday loans, and they should be regulated like payday loans are. The data in this new @CRLONLINE report shows the hidden costs to consumers.
🆕 CRL Report Reveals Large Hidden Costs of Earned Wage Advance Apps: Consumers experienced a 56% increase in checking account overdrafts responsiblelending.org/media/new-crl-…
Earned wage advance apps have an average APR of 367%, similar to payday loans. That’s why we call them workplace payday loans!
🆕 CRL Report Reveals Large Hidden Costs of Earned Wage Advance Apps: Consumers experienced a 56% increase in checking account overdrafts responsiblelending.org/media/new-crl-…
New Op-Ed out in @HousingWire! "What is the public actually getting for $7.3B in housing subsidies?"
"Whether it is coming from the @WhiteHouse, the @FHFA, the @USCBO, or the Coalition, the status quo at #FHLBanks is unacceptable, especially amidst a national #HousingCrisis " - @sjccorn @FHLBReform housingwire.com/articles/opini…
“Venue is not a continental breakfast; you cannot pick and choose on a Plaintiff’s whim where and how a lawsuit is filed.” 🔥 finance.yahoo.com/news/texas-jud…
Notice that women athletes didn't ask for the anti-trans bill pushed by House Republicans last week. It's just more legislation in search of a problem. What IS a problem is the high suicide rate among trans youth due to bigoted, exclusionary policies like this one.
As always, I read the CFPB nonsufficient funds fees proposal comment letters so you don't have to. news.bloomberglaw.com/banking-law/ba…
Notable that Capital One had to submit a section 4 notice to acquire Discover's payment networks. Unlike the Bank Merger Act, section 4 of the BHC Act requires the Fed to make an affirmative finding that public benefits outweigh possible adverse effects. Seems dubious, IMO...
The Fed has made additional materials relating to the application available here federalreserve.gov/foia/capital-o…
"Basically the way crypto works is that a guy named Slorg makes up a token named Slerf, which is distinguished from other tokens by having a cartoon sloth logo. You send $10 million of Solana crypto tokens to Slorg, and he makes a note to himself that he owes you some Slerfs."…
Meet another 2024 #JustEconomy Conference featured speaker: @CFPB Director Rohit Chopra! Since being established, the CFPB’s enforcement actions have led to $16 billion in relief to consumers. Register now! hubs.ly/Q02pDwtS0 #fairlending #consumerprotection @chopracfpb
Not every day this happens. Huge win for consumers. On to the next one!🎉
BREAKING: Judge Reed O'Connor recused himself in a case brought by the U.S. Chamber of Commerce attacking President Biden's cap on credit card late fees, after our research exposed his massive conflict of interest. reuters.com/legal/governme…
Posting with a heart full of gratitude: If I ever lay my golden brick in the mansion of effective #AI #regulation, it'll be because @DebbyGoldberg1 has inspired me with her work ethics. #ThankYouDebby
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