Haha, another frustration I have with the US financial system, is how seemingly easy it is to avoid legislation by renaming stuff.
It’s not a loan, your honor, it’s “buy now, pay later”. We just described what a loan is, and called it that, so we now expect complete immunity from any existing legislation, thank you very much. And now it seems to be “Earned Wage Access”, which is just uh… payday loans from an app.
I don’t know much about the specifics here, but it certainly sounds an awful lot like a way to store and move your money around. It’s not a banking app, it’s a cash app. Really just feels like your government is willing to play remarkably dumb in exchange for (I assume) lobbying money. A lot of stuff is more profitable with zero consumer protections.
is a giftcard a bank then somehow what about a stock brokerage account that allows storing USD? defining these as “not banks” makes tons of sense because amazon shouldn’t need to know my SSN for me to have a giftcard ballance with them where as banks do.
that technically isn’t a bank, so the answer is banks can’t do that
Haha, another frustration I have with the US financial system, is how seemingly easy it is to avoid legislation by renaming stuff.
It’s not a loan, your honor, it’s “buy now, pay later”. We just described what a loan is, and called it that, so we now expect complete immunity from any existing legislation, thank you very much. And now it seems to be “Earned Wage Access”, which is just uh… payday loans from an app.
I don’t know much about the specifics here, but it certainly sounds an awful lot like a way to store and move your money around. It’s not a banking app, it’s a cash app. Really just feels like your government is willing to play remarkably dumb in exchange for (I assume) lobbying money. A lot of stuff is more profitable with zero consumer protections.
oh god yes.
Second mortgage with tax deductable interest?
No, no, that’s now a Home Equity line of credit. Same thing, but you don’t get a lump sum of money, and the interest is not deductible.
is a giftcard a bank then somehow what about a stock brokerage account that allows storing USD? defining these as “not banks” makes tons of sense because amazon shouldn’t need to know my SSN for me to have a giftcard ballance with them where as banks do.