Summary
Trump’s team is considering abolishing key banking regulators, including the FDIC and OCC, with plans to consolidate their functions under the Treasury Department.
Critics warn this could undermine public trust in banking, weaken deposit insurance protections, and risk another financial crisis.
The FDIC, established during the Great Depression, played a crucial role in managing the 2023 banking crisis.
Trump allies, backed by financial industry donors, are also targeting other consumer protections, reflecting sweeping deregulatory ambitions tied to Project 2025’s proposals.
Experts fear these moves could destabilize the economy.
Places like cash app and venmo… where you can have predation turned up to 11.
Exactly. Maybe that’s the cui bono here - some asshole in donvict’s circle stands to gain a lot of money. I hate the overuse of those apps, by the way. People always telling me to venmo them. I often try to just hand them cash. I hate having some middle man take 3% just to move some bits; absurd.
Uhh, you can use Venmo without losing money. It only costs extra if you use the instant withdrawal functionality. Just wait the 2-3 days to get your money.
That said, I’d rather get cash as well. I don’t like Venmo but sometimes it’s the much easier way. Such as when people live in other states.
How do you move money in and out of Venmo without any fees? I get a 3% fee if I transfer from credit card. I see you can deposit a check and pay 1%.
I just transfer from/to a bank account. That’s free.
The way you’re doing it is basically having them spot you the money until your payment clears. There is a risk, and they charge for that.
Why put it on some other place that can steal your money with no repercussions?
Because people do it already.