Adam Rust
@adamrust.bsky.social
Director of Financial Services, Consumer Federation of America. Durhamite! Dad. Ok at tennis. Reader of books and walker of dogs. OMO
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?
@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?
July 15, 2025 at 6:37 PM
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?
@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.
July 15, 2025 at 4:30 PM
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.
July 15, 2025 at 3:35 PM
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.
Reposted by Adam Rust
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
@cnbc.com
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.
www.cnbc.com
July 10, 2025 at 12:36 PM
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
@cnbc.com
Reposted by Adam Rust
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...
nationalfairhousing.org/judge-reject...
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...
nationalfairhousing.org
June 13, 2025 at 2:18 PM
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...
nationalfairhousing.org/judge-reject...
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...
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...
consumerfed.org
May 2, 2025 at 3:15 PM
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...
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...
Markups | U.S. House Committee on Financial Services
financialservices.house.gov
April 30, 2025 at 3:34 PM
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...
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
Income from Fees on Nonsufficient Funds and Overdraft Charges
bit.ly
April 18, 2025 at 8:09 PM
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
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.
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
federalreserve.gov
April 18, 2025 at 4:59 PM
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.
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
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.
foxbusiness.com
April 17, 2025 at 9:17 PM
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
April 16, 2025 at 2:46 PM
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. consumerfed.org/curious-how-... #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...
consumerfed.org
April 7, 2025 at 4:47 PM
Curious How Much #Banks Make from #Overdraft Fees? We Have the Data. consumerfed.org/curious-how-... #HandsOffCFPB #DefendCFPB
April 5, 2025 at 5:25 PM
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...
consumerfed.org
March 29, 2025 at 7:21 PM
Question - during the upcoming budget discussions, how much will be allocated for payments to companies who make discriminatory advertisements? consumerfed.org/by-vacating-...
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-...
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...
consumerfed.org
March 28, 2025 at 11:56 PM
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-...
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
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.”
www.bankingdive.com
March 27, 2025 at 7:59 PM
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
"What is happening at the CFPB now is devastating for working people. It is a boondoggle for the billionaires calling the shot in this administration. And it is nothing more than sheer corruption." - Seth Frotman, Former CFPB General Counsel
#DefendCFPB #HandsoffCFPB #HandsOff
#DefendCFPB #HandsoffCFPB #HandsOff
March 26, 2025 at 8:01 PM
"The only people this helps are too-big-to-fail banks and Silicon Valley billionaires." #HandsOffCFPB
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...
Meets the "propulsive" standard for #books. It's a mystery with great characters, sense of place, layering. www.penguinrandomhouse.com/books/676637...
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...
www.penguinrandomhouse.com
March 22, 2025 at 11:44 PM
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...
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
March 14, 2025 at 6:16 PM
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
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
March 14, 2025 at 6:10 PM
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
March 14, 2025 at 6:07 PM
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
March 14, 2025 at 5:58 PM
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.
March 14, 2025 at 5:51 PM
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
March 10, 2025 at 8:50 PM
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
With the government stepping back from regulatory duties, consumers may have to act as their own financial watchdogs.
Pay close attention when using financial technology, or #fintech, said @adamrust.bsky.social, including peer-to-peer payment apps.
Read more in New York Times: bit.ly/4btQpLd
Pay close attention when using financial technology, or #fintech, said @adamrust.bsky.social, including peer-to-peer payment apps.
Read more in New York Times: bit.ly/4btQpLd
With the CFPB on Pause, Here’s How to Protect Yourself
Rules on bank and credit card fees, medical debt and payment apps are in limbo. One thing you can do is carefully check your financial statements, one expert says.
www.nytimes.com
March 1, 2025 at 6:53 PM
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