Governments Push Thousands into the Black-market Economy
Written by Nicolai Heering Like water, money follows the path of least resistance. Therefore, it is only natural that when governments force banks to make life difficult for their account holders, money finds other ways of reaching its destination. Not only do banks make it hard to open new accounts, they also debank – i.e., […]
Outrage over outage: Online banking users call for better communication, security
KUALA LUMPUR: Users are overwhelmingly frustrated by the frequent online banking services outages and demand stronger security measures and clearer communication from financial institutions (FIs). Industry observers believe the recent disruptions in online banking services by two of Malaysia’s largest banks call for more proactive security measures and transparent communication strategies from FIs. Consumers Association […]
Bad rules are making banking more expensive
When the Financial Action Task Force was established by the G7 group of nations back in 1989, the national leaders at the time probably did not imagine that their rules for combatting money laundering would one day cost their citizens double the amount of money spent on the policing of all other crimes put together. […]
Elizabeth Warren Ditches Consumer Welfare In Support of Big Banks
Sen. Elizabeth Warren (D-Mass.) loves to cast herself as the ultimate public defender of consumers and the arch-nemesis of bankers on Wall Street. However, with her recent record opposing popular mergers and shutting down regulatory reform for Bitcoin and its crypto-offspring, Warren has sided more with the major banks rather than new players that stand […]
De-Banking Is an Avoidable Consequence of Strict Financial Regulation
In the modern world of finance, regulation has become the name of the game. Governments across the globe, particularly in the United States and Europe, have ramped up their efforts to ensure that banks operate under a single set of strict rules and guidelines. While this may seem like a necessary step to curb financial […]
The Sanders, AOC Credit Card Interest Cap Will Only Hurt Consumers
Washington, D.C. – Today, Sen. Bernie Sanders and U.S. Rep. Alexandria Ocasio-Cortez are introducing legislation in their respective chambers to put a cap on credit card interest rates. Yael Ossowski, Deputy Director of the Consumer Choice Center (CCC), said “This measure to cap credit card interest rates may be well-intended, but it will ultimately end up hurting low-income Americans who […]
Legal Cannabis Is Here to Stay, and Consumers and Entrepreneurs Deserve Safe Banking Options
On Wednesday, US Rep. Gregory W. Meeks (D-NY) will lead a subcommittee hearing on access to banking services for cannabis-related businesses. For hundreds of millions of Americans across the country, cannabis is no longer the “reefer madness” street drug it once was. Much like alcohol before it, the cannabis plant has evolved from a narcotic […]
Do credit unions still warrant a tax exemption?
AMERICAN BANKER MAGAZINE: Yael Ossowski, the deputy director at the Consumer Choice Center in Washington, D.C., said he began to pay more attention to credit union taxation after being struck by the presence of several large credit unions in his home state of North Carolina. “The huge footprint with a lot of these credit unions sparked […]
Cryptocurrency Regulations Should Not Stifle the Innovative Potential of Blockchain Technology
By Nur Baysal | 12. February 2018 Recently, the prices of cryptocurrencies like Bitcoin and Ethereum made new headlines: After reaching a staggering all-time-high of $19,783 in December, the price of Bitcoin lost more than half of its value in January and February, dragging the price of other cryptos down alongside it. During this time, a plethora […]
Europe has the potential to become the global blockchain powerhouse – Let’s not miss it!
VOCAL EUROPE: The last year marked unseen price surges of cryptocurrencies. Now 2018 seems to challenge Bitcoin and Co. on how resilient these innovations and their investors will be. Though blockchain is famous for creating a new class of millionaires it provides many applications beyond mere cryptocurrencies including identification, verification, immutable databases, and many more.
Consumer Choice Center Calls for End to CU Tax Exemption
ABA BANKING JOURNAL: CCC calls on the Trump administration and Congress to take steps to eliminate the credit union tax exemption as part of the broader plan to reform the U.S. tax code.
Why should banks pay taxes while credit unions get a break?
CHARLOTTE OBSERVER: If Congress and the administration are serious about making America’s tax structure fairer, their first action should be to end the free ride enjoyed by large credit unions at the expense of banks and taxpayers.
