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Dramamine they/them Soren delenda est  2d ago (c-span.org) Edited 2d ago 985 thread views #347887 earned 292 coins from votes
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:fellforitagainaward2: Fell for it again award for chuds who didn't like being debanked.

https://www.c-span.org/program/us-senate/senate-session/656562

https://www.congress.gov/bill/119th-congress/senate-joint-resolution/28

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This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications and published on December 10, 2024. The rule defines larger participants in the general-use digital consumer payment application market (i.e., payment apps) that are subject to CFPB supervisory authority. The rule defines larger participants in this market as nonbanks (1) with an annual volume of at least 50 million transactions, and (2) that are not small business concerns.

It seems like a :marseynothingburger:

It's a rule that was implemented in 2024 so it changes nothing?

Maybe these guys are just r-slurred?

Anyone pretending to be a lawyer want to explain?

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!nonchuds if you want to know whats going on a bunch of VC bros starting set up fake fintech banks which weren't really banks and had no regulations. One of these services, Synapse, served as a middle man for all these fintechs and uh lost the database of who owned what money meaning they basically lost all the money and everyone barely got anything back and there was no repercussions for anyone. We then past laws to prevent this so VC fintech bros started going on Joe Rogan and going "waaaaa the dems are trying to stop us epic anti woke bank alternatives from surviving since we wont be able to rug pull people" and chuds ate it up because "le woke bad???? :marseysoyhype: "

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>bank error in your favor

>you're the bank

:#marseycapitalistmanlet:

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:marseyreading: 89 FR 99582 subjects "nonbank financial service providers" (digital wallets, p2p payment apps, etc.) to CFPB supervision if they process at least 50 million consumer payment transactions annually. The intent is to create regulatory consistency between banks and "nonbanks." The aforementioned "nonbanks" are now subject to CFPA, EFTA. GLBA, FCRA. TILA, and likely other federal regulations/acts I'm too lazy to look up. None of these acts/regulations explicitly protect you from debanking, you could maybe argue that CFPA (prohibits "unfair/deceptive/abusive" practices) or EFTA (protections from being denied access to your funds) protect you from debanking, but that would certainly be litigated, and you would be unlikely to win in court against Paypal or something. :marseyshrug:

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