Wildest take on stablecoins and banking that I’ve seen yet. The TLDR: it’s good that banks lose deposits because they suck at several parts of banking and they can solve the lack of deposits other way.

I love the 1033 rule!! It’s banks against fintechs/crypto in a knock down, drag out battle, where Congress left Dodd Frank just ambiguous enough for everyone to have some support for their position.

The woke right is at it again. Next thing you know, they’re gonna say we can’t discriminate based on race either! Oh, wait …

FTA is going all-in to rally the troops against the big banks charging for access to consumer data

Jesus, I hope he’s better at bank resolutions than he is at communications because these are absurd statements. Evolve is a root cause problem and has been for many years, long before Synapse collapsed. They banked countless fintechs openly violating countless laws. Jason Mikula

This is known 👇🏻

Will be interesting to see what the cuts look like now, given their pretty robust list of regulatory priorities (mostly to role regs back) and their open work with Synapse.

Apparently, it’s too much to ask that the attorney general of the United States can actually understand the decision and that the CFPB is NOT “now free to right size itself” Real parade of excellence down there at the DOJ

Going to be some DC lawyers having more fun than they’ve had in a while

Whether it’s top secret war plans or inside information on Trump’s meeting Putin, this admin is admirably committed to open sharing of its information

I know the Bureau very well, for good and bad, and these timelines for redress shock even me. I had no idea the consumer payments took THIS long. I’d love to hear someone from the Bureau, involved in that work, explain these timelines because they’re pretty terrible on their

If we can now count political periods of time in “Scaramuccis”, we should be able to monitor economic bubbles in “Chamaths”

Finally read the DC Circuit Court’s decision in the Union’s case against the CFPB and, in short, the legal analysis in the majority opinion was comically inept and, because of that, I don’t think any Bureau employees are getting laid off there for a LONG time. To paraphrase,

To be fair, could anyone predict how dumb America would get?

Didn’t the republicans keep all their guns to prevent this??

Can someone explain how renewable energy could drive up electricity costs?

The 1033 ANPR is exactly as everyone expected and focused on five questions: 1) what is a “representative”; 2) Can banks charge fees for data access and what are the actual costs to provide access; 3) what are the InfoSec implications; 4) what are the consumer privacy

you are not prepared for the 4th entry on this list

Just think, the roadmap was there almost a year and a half ago, and the CFPB under Rohit chose to do nothing. And it took Vought’s CFPB to act. I’ll never not be confused by the Synapse case and how each CFPB admin handled it. Never.

CFPB question for the lawyers: Vought’s 210 days as acting director of the CFPB is coming due around August 29th under the Federal Vacancies Reform Act. However, under the FVRA, once a nomination is submitted, the acting director can continue to serve until the nomination is