Adam Rust @AdamRust9

Advocate for consumer financial protections. Director of Financial Services at the Consumer Federation of America. Always working on my serve. Reading, too.OmO! Durham, North Carolina Joined May 2020

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Adam Rust @AdamRust9

2 weeks ago

The more you know about the #CFPB, the more you see how many ways it helps people. The CFPB offers free placemats, typically to senior centers, with tips to avoid scams. Topics include Medicare ID #fraud, Social Security & charity #scams. pueblo.gpo.gov/CFPBPubs/CFPBP…

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Adam Rust @AdamRust9

2 weeks ago

Bankruptcy filings have increased 11 percent this year. uscourts.gov/data-news/judi…

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Adam Rust @AdamRust9

a month ago

#Crypto fans claim that digital asset values are uncorrelated with fluctuations in other markets. (As if crypto is a diversification #investment! Ha!). Surprise, it's not true. IE. Stox & crypto falling a lot today. Still waiting on that crypto use case! bit.ly/40JO0rQ

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Adam Rust @AdamRust9

a month ago

If business #journalism focused on how well our economy is working for regular people, reporters would be all ears waiting for the St. Louis Fed to release its data on household #savings. fred.stlouisfed.org/series/PSAVERT

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Rohit Chopra @ChopraUSA

a month ago

In today's economy, companies are concocting new ways to invent new fees and hike prices. Join me on @Reddit at 11am ET today to talk about junk fees, personalized price gouging, corporate consolidation, and more. reddit.com/r/IAmA/comment…

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Adam Rust @AdamRust9

2 months ago

If your hometown has a #CommunityDevelopmentFinancialInstitution, you appreciate the value they bring. #CDFIs deploy capital to difficult projects. The American Access to Banking Act encourages more #DeNovo CDFIs & minority depository institutions (#MDI). bit.ly/4lDA0If

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Adam Rust @AdamRust9

2 months ago

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.

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Adam Rust @AdamRust9

2 months ago

There's something inconsistent about dropping supervision of #paymentapps and then leaving an opening for banks to charge tolls to fintechs.

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Adam Rust @AdamRust9

2 months ago

Auto loan delinquencies (90 days + past due) have increased for seven consecutive quarters. It's the wrong direction for a leading indicator to be heading. ycharts.com/indicators/us_…

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Adam Rust @AdamRust9

2 months ago

Historically, the public could review #bank #charter applications made to the @USOCC. But for now, all outstanding apps are missing. apps.occ.gov/CAAS_CATS/Defa… They are all for payment or #crypto charters.

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Adam Rust @AdamRust9

2 months ago

It doesn't square when the #CFPB gives a free pass to #NavyFederal for charging illegal #overdraft fees AND claims it cares about #servicemembers. The order called for $80.6 million in redress. How many millions did this CFPB just take from servicemembers? bit.ly/3I758kK

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Adam Rust @AdamRust9

2 months ago

Once again, the new Trump-era #CFPB is siding with law breakers at consumers' expense. The #NavyFederal consent order called for $80.6 million to go to harmed consumers for unfair #overdraft policies. consumerfinance.gov/enforcement/ac…

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Adam Rust @AdamRust9

2 months ago

The #BigBrutalBill sets up future generations to pay for short-term pro-billionaire #taxcuts. Someday the bill will come due. At what point in time does the scale of tax obligations become so great that it challenges the value prop of a 401(k)? It's a slow-motion train wreck. OMO

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Adam Rust @AdamRust9

3 months ago

Parliamentarian nixes key pieces of Tim Scott’s megabill proposal politico.com/live-updates/2… via @politico

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Adam Rust @AdamRust9

3 months ago

In yday's #Townstone decision:“Now, current CFPB leadership under the second Trump administration, in an act of legal hara-kiri that would make a samurai blush, falls on the proverbial sword and attests that the lawsuit lacked a legal or factual basis.” bankingdive.com/news/judge-rej…

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Adam Rust @AdamRust9

3 months ago

Unspent customer funds held by Starbucks exceed deposits held by 3,900 banks. They want to do bank-like things (hold deposits, facilitate payments) but avoid regulation.

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Adam Rust @AdamRust9

3 months ago

Consumers brace for steeper bills and lower credit scores from Trump's financial deregulation nbcnews.com/business/perso… via @NBCNews

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Adam Rust @AdamRust9

3 months ago

The House #reconciliation bill reverses a Biden-era bipartisan policy closing a loophole in the Dept. of Ed's 90/10 rule. Before 2022, "90/10" incentivized predatory colleges to exploit #veterans. #Military groups are upset with the bill text. bit.ly/4e0OBdZ

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Adam Rust @AdamRust9

3 months ago

From @sethfrotman & @Jeremy_Kress in @DemJournal: "When progressives are returned to power, they will face a choice: fight to restore a broken system that never worked for working people, or learn to use the centralized power Trump created." democracyjournal.org/arguments/dont…

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Adam Rust @AdamRust9

3 months ago

This seems like old times. The FDIC issued a consent order to #BaaS provider Quaint Oak Bank, as revealed in a May 15 investor filing, for BSA/AML compliance. sec.gov/Archives/edgar…