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Adam Rust @adamrust.bsky.social · 16/07/2026

Senator Kennedy to #RussVought: "I really think you ought to give people some relief from #medicalDebt." There is bipartisan support to ensure getting sick doesn't put people at risk of losing housing, credit access, or employment. So what's holding up the #CFPB? Vought's radicalism

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Adam Rust @adamrust.bsky.social · 15/07/2026

How can #CFPB AD #Vought argue for use of risk-based regulation and then simultaneously drop the #RepeatOffender program? Can have it both ways!

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Adam Rust @adamrust.bsky.social · 15/07/2026

From Rep Sean Casten to #CFPB AD #RussVought: "You favor the merciless over the meek....What is your answer to people who ask for your help?"

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Adam Rust @adamrust.bsky.social · 15/07/2026

@RepresentativeVargas to AD #CFPB Russ #Vought: "we're going to see redlining, we're going to see scams" because you're not on the beat. In #hfsc hearing today.

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Adam Rust @adamrust.bsky.social · 15/07/2026

AD #CFPB Director Russ Vought says agency is close on #Section1033 #openbankimg rule is close, but Brian Johnson will have time to finish. Meanwhile #AI is Hoovering #consumer financial data.

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Adam Rust @adamrust.bsky.social · 15/07/2026

Asked by @RepLynch if #consumer losses of $3.8 billion on Trump memecoim deserves an investigation, #RussVought says "this administration has the highest ethical standards." Wow.

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Adam Rust @adamrust.bsky.social · 15/07/2026

#CFPB AD Vought contends that civil investigative demands are "fact finding" but supervision is burdensome. You can't have it both ways. @housefinancialservices

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Adam Rust @adamrust.bsky.social · 15/07/2026

In House Financial Services Committee, Ranking Member Waters and Rep. Velazquez challenge #CFPB AD Russ Vought on his policies contradicting Congress' wishes from Dodd-Frank.

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Adam Rust @adamrust.bsky.social · 30/06/2026

Thx to members of @ushousefsc.bsky.social who voted against HR 9330. It was good to drop preemption, but #EWACPA is still flawed: no caps on fees, allows debt traps, & permits discrimination. And it leaves servicemembers exposed to high-cost loans without recourse to the courts. #MLA #TILA #ECOA

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Reposted by Adam Rust

Consumer Federation of America @consumerfed.bsky.social · 17/02/2026

“When it becomes the new normal to pay for #Rent with a subscription fee, then all that’s happened is the cost of living has gotten that much higher,” said @adamrust.bsky.social, the Consumer Federation of America’s director of financial services.

marketwatch.com

Tempted to use buy-now-pay-later to split your rent payments? Watch out for these fees.

Want to pay rent in two installments instead of one? The fine print can make “0% interest” costlier than it sounds.

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Adam Rust @adamrust.bsky.social · 15/07/2025

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?

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Adam Rust @adamrust.bsky.social · 15/07/2025

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.

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Adam Rust @adamrust.bsky.social · 15/07/2025

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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Reposted by Adam Rust

Consumer Federation of America @consumerfed.bsky.social · 10/07/2025

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.

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Reposted by Adam Rust

nikitrabailey.bsky.social @nikitrabailey.bsky.social · 13/06/2025

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 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...

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Adam Rust @adamrust.bsky.social · 02/05/2025

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...

consumerfed.org

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...

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Adam Rust @adamrust.bsky.social · 30/04/2025

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...

financialservices.house.gov

Markups | U.S. House Committee on Financial Services

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Adam Rust @adamrust.bsky.social · 18/04/2025

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

bit.ly

Income from Fees on Nonsufficient Funds and Overdraft Charges

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Adam Rust @adamrust.bsky.social · 17/04/2025

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

foxbusiness.com

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.

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Adam Rust @adamrust.bsky.social · 16/04/2025

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

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Adam Rust @adamrust.bsky.social · 27/03/2025

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

bankingdive.com

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.”

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Adam Rust @adamrust.bsky.social · 26/03/2025

"The only people this helps are too-big-to-fail banks and Silicon Valley billionaires." #HandsOffCFPB

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Adam Rust @adamrust.bsky.social · 14/03/2025

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

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Adam Rust @adamrust.bsky.social · 14/03/2025

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

Protect the Consumer Financial Protection Bureau

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Adam Rust @adamrust.bsky.social · 14/03/2025

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

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Adam Rust @adamrust.bsky.social · 14/03/2025

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

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Adam Rust @adamrust.bsky.social · 14/03/2025

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.

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Adam Rust @adamrust.bsky.social · 10/03/2025

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

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Adam Rust @adamrust.bsky.social · 01/03/2025

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

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Adam Rust @adamrust.bsky.social · 13/01/2025

Today's Consumer Financial Protection Bureau report on #BNPL adds to previous concerns: people come to BNPL w high balances on credit cards. Repayment on BNPL is higher b/c of Ts & Cs requiring auto collection: a/k/a "Ability-to-Collect." It's phantom debt and it spells big trouble. bit.ly/4gPmLlC

bit.ly

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