The first time I walked into a Sweetgreen, a fast-casual food chain tailored toward “simple, seasonal, healthy food”,1 I noticed a sign that the business would not accept cash.2 Sweetgreen was the first food chain where I noted the deliberate change in how transactions might be conducted going forward. The sign provided a link for…
Tag: financial regulation
Banks and Trusted Contacts: Fighting Back Against Elder Financial Exploitation
Elder financial exploitation has been called “the crime of the 21st Century.”1 The Consumer Financial Protection Bureau (CFPB) defines elder financial exploitation as the “illegal or improper use of an older person’s funds, property or assets.”2 It is a serious issue with severe consequences for older Americans, as valuations of annual losses range from $2.9…
Green Finance to Fuel Sustainable Development
Nations around the world have taken action to address climate change. The Paris Agreement adopted in 2015 set goals for participating member states to reduce their impact on climate change and keep global temperatures below a certain threshold.1 Governments have enacted various regulations taking environmental effects into account, such as the Clean Air Act and…
Scrapping Dodd-Frank
Since its inception, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) has faced heavy criticism.1 Passed as comprehensive legislative response to the financial crisis of 2008, the Dodd-Frank Act expanded regulations on financial institutions. Its repeal would cause a dramatic change in the landscape of financial regulation in the United States. The…
Making Bank Consultants More Accountable to Regulators
In the aftermath of the 2008 financial crisis, banks and regulators have increasingly hired outside consultants to help comply with regulations and to implement new actions.1 The limited resources available to regulators and the high cost of hiring a permanent compliance staff have contributed to this trend.2 Consultants are usually brought in after regulators have…