Americans Need Fairer Banking, not Fewer Consumer Protections

Wall Street spends big money to get their way in Washington, chalking up $2 billion in spending over the past 2015-2016 election season alone (1). The influence Wall Street has on policymakers is no secret and as a result, many Americans -- regardless of political affiliation -- think financial regulations should be stronger, not weaker.

That’s why when Washington finally created a financial watchdog agency, many Americans were happy to have a force fighting for the everyday consumer. The Consumer Financial Protection Bureau (CFPB) has made many strides in protecting people from greedy financial companies, including forcing Wells Fargo to pay $100 million in penalties for opening accounts in the names of millions of people who never wanted them.

Now there is an emerging threat to consumer protections and to the security of our financial system -- the “Financial Choice Act”. If adopted and implemented, this policy will roll back rules put into place after the 2008 financial crisis, including weakening the ability of the CFPB to guard consumers against deceptive and predatory financial products.

We created Aspiration because we believe banking should be fairer and that everyone - not just the wealthiest few - should have access to better products that allow them to both do well and do good. Most of all, people should have a financial partner they can trust. That’s why Aspiration is built on a Pay What Is Fair approach. Our customers deserve to have that guarantee that we will always be on their side and that our entire incentive is to fight for their best interests.

While we can’t guarantee the Financial Choice Act won’t pass, or that Big Banks will change their stripes, what we can do is guarantee that Aspiration will always be a safe haven for people who want better, fairer financial products. If Washington is cutting back on protections and guarantees for America when it comes to financial services, it makes it all the more important that people have financial institutions like Aspiration that are built on conscience and trust.

We are a home for those who don’t trust Big Banks. We are a home for those who want better financial services and a better world. Join us to discover a different type of financial firm.

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(1) [http://ourfinancialsecurity.org/2017/03/afr-report-wall-street-lobby-campaign-cash-tops-2-billion-2016-elections/]

Andrei Cherny

Aspiration Fund Adviser, LLC is an SEC Registered Investment Advisor.

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