Been down the rabbit hole and followed links to sites like https://ncua.gov/news/ deregulation-project where you'll find that credit unions are in the middle of a deregulation project based off of one of Trump's executive orders. If you read the substack below, you'll see this is all from the Project 2025 playbook.
Regulations exist to protect the consumer, you, us, we the people. And without those regulations, banks will do whatever shady shit they feel like to make sure THEIR bottom dollar increases, not yours.
There is something we can do though.
They make policy change proposals that are open to the public for comment. We can go tell them that we don't want deregulation. They have one up to remove verbiage about refunding interest to you. They say it's duplicative, well, ask yourself why? Why would they have duplicative verbiage on something like that unless it was because there were gaps or loopholes in the original verbiage which wasn't in favor of the consumer? Do we know that 100% for sure? No. But this admin has worked for a large bank and knows they don't duplicate anything, they cover tracks.
There's another proposal to remove regulations for reputational risk. Sounds like no big deal, but do you remember the Wells Fargo scandal, when they were caught creating accounts in people's names without permission, so branch workers could meet goals? The massive loss in confidence from the public that came from that, THAT is reputational risk. So what do you think they will try to get away with if there's no regulations?
You have a voice in so much more than just calling your reps. Go read through some of these proposals and leave comments. Especially if you bank with a credit union. (We'll look into other websites for regular banks to see if there's a similar option and post if we find anything.)
https://www.regulations.gov/document/NCUA-2026-0266-0001
No comments:
Post a Comment