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Fort Lauderdale

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2008

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Jim Wells

president at Wellspring Consulting International

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New York to ban cashless stores

Critically important for local & state governments and consumers themselves to counter the efforts of tech companies, predatory banks, captured bank regulators, and central banks to eliminate cash to set the stage for a scenario where everyone needs a bank account, banks can charge for holding deposits, and financial transaction and holdings of financial assets are no longer private.

27 Jan 2020 Reply Read article

Barclays makes Post Office cash access u-turn

This very public display of how the banking industry is largely responsible for creating the so-called "Un-Banked" consumer population should remind all consumers that financial institutions require both tight regulation and constant oversight -- lest they forget that they exist to serve consumers NOT the other way round. The government grants banks a regulatory monopoly to hold deposits and make loans in return for their commitment to serve the citizens of the country. Sadly, captured bank regulators continue to ignore their responsibility to enforce this commitment on the institutions they are supposed to supervise. At the same time, regulators do nothing to help Challenger Banks and other bank-alternatives succeed in addressing the needs of consumers un-served, under-served or ill-served by High Street Banks.

25 Oct 2019 Reply Read article

Can Fintech Really Save the Billions of Under and Unbanked in the World?

Perhaps the greatest strength of fintech in dealing with the so-called under & unbanked is its effort to help people accomplish the financial tasks they want/need to do rather than banks that want to force people to do the tasks that banks need/want.

24 Sep 2019 Reply Read article

Congress sends cease and desist plea to Facebook over crypto plans

What could possibly go wrong with consumers handing over their personal financial information to a company that has repeatedly demonstrated an inability and/or unwillingness to protect their members' privacy.

03 Jul 2019 Reply Read article