“It’s not an investment, but an extraction,” says Aditi Sen, managing director of research and campaigns for the Americans for Financial Reform, a coalition of groups advocating for a strong, stable, and ethical financial system. “The profit-seeking that is built into this model is really going to go after cost-cutting as the primary strategy for generating those profits.”
“We are at a pivotal moment for all that was, all that has been and what could be…The CFPB has done tremendous work since its inception.” -Amanda Jackson, AFR
Having Kapoor installed as the company’s CEO will give Linden more direct control over its financial decisions, said Aditi Sen, managing director of research and campaigns at Americans for Financial Reform, a group that advocates for tighter regulation of financial industries.
The Consumer Financial Protection Bureau is on life support, and consumer scam complaints are surging as a result… “Keeping the complaints database public-facing is critical for public accountability, and will help state regulators and the public continue to keep an eye out for patterns of misconduct and abuse,” Christine Chen Zinner, senior policy counsel for consumer protection and financial services at Americans for Financial Reform, told the Prospect.
Yet one tweak that ought to have been included wasn’t: the “carried interest” distortion that plumps the feather beds of private equity executives.
“The GENIUS Act is an important step, but it is just one of many actions that the crypto industry and its allies in the White House and Capitol Hill are taking to launch an uncontrolled experiment in unleashing crypto on the economy and the financial system,” Mark Hays, an associate director of crypto and fintech at Americans for Financial Reform.