Washington’s “we know what’s best for you” mindset – especially when it comes to our wallets – has reached a critical juncture: a myriad of proposed rules, regulations, and legislation could now de-bank millions of consumers who rely on essential bank products each and every day to achieve their American dreams.
Regulators know the harm they are set to inflict on consumers. Government research has clearly shown these regulations reduce consumers’ access to financial services and drive up the cost of credit. Unfortunately, this could result in the historic de-banking of low- and- moderate income Americans, forcing hardworking families outside of the well-regulated banking system to less safe, more expensive alternatives.
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