1/ As I learn about web3, I’m intrigued by the idea of creating new opportunities & networks that can benefit Ohioans. I'm getting more confident that we can—& should—build that future via blockchain. But I want to stop & address one of the concerns that’s come up: fraud & scams.
2/ I'm new to web3 but not to consumer protection. I was a Sr Advisor at the @cfpb. My portfolio included payday loans, credit reporting & fraud against elders & vets. If you're worried about fraud/scams, the priority shouldn’t be crypto it shld be on our current financial system
3/ The magnitude is shocking & I had a front row seat. In 2016 *alone* we took action against Wells Fargo, Corinthian College, Navy Federal Credit Union, & RushCard for defrauding ppl. We returned $12B to 28M ppl in 6yrs. Huge feat, but the most depressing thing? Nothing changed
4/ For instance, Wells Fargo opened 2M fake accounts—and we caught them in 2016–and then 4 years later we caught Fifth Third Bank (based in Ohio) doing the exact same thing. You start to realize these are fundamentally broken incentive systems stemming from unchecked power
5/ And it's not just fraud. It's a financial model that constantly looks for ways to "take" (sometimes steal) from working families, and often those who can afford it the least. Last year, big banks made $12.5B charging customers in overdraft fees during the pandemic.
6/ In Ohio, US Bank issued unbanked, unemployed residents a Reliacard that held unemployment benefits. For years, it charged a $17 overdraft fee. There isn't business cost or logic to justify that fixed fee (the tx can just be denied). It's opportunistic behavior & it's cruel.
7/ As far as scams, don’t get me started. My mother’s bank account was emptied last yr by a caller pretending to send the authorities to her house if she didn’t buy $5K of Costco gift cards and then read the code on the back to the caller. In 2020, Seniors lost $1B to such scams
8/ Can web3 create a better financial system? A world w/o unnecessary overdraft fees & where identity is verified by something more reliable than Equifax or a bank? That's what I'm interested in
9/ If a lot of the predatory & illegal behavior conducted in the existing financial system is because of concentrated corporate power among large financial institutions, then a system that is decentralized & uses technology to create transparency has the potential to cut down on
10/ some of these abuses and increase alignment amongst customers, builders and capital providers.
11/ I have two points to make on this. First, we should absolutely, by all means encourage technology that can build a better world, where we make profit by creating value, not shaking down the most vulnerable consumers—the unemployed, the elderly, and veterans.
12 / Second, I'm hopeful we can address fraud & scams in the crypto world & that doing so will increase confidence in legit projects. But don't lose sight of scale. It's not these nascent competitors that are the biggest problem; it's the current system they're competing against.

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More from @mh4oh

9 Nov
1/14 - I first started hearing about crypto, #Bitcoin , and blockchain when I was working at the Consumer Financial Protection Bureau. We had a lot of pressing issues causing real time harm so I’ll admit I wasn’t too plugged into this area
2/14 - Since then, this space has grown a lot. I’ve recently spent more time learning about Bitcoin and crypto and to be honest, I’m really interested in the possibilities for our state
3/14 - First, whether you’re pro or anti crypto, the most important thing is to read up on it and experience it. Make sure you understand the tech.
Read 14 tweets
6 Nov
There’s a narrative that someone “like me” can’t mobilize a multiracial working-class coalition. After hearing this for the 100th time (mostly from political elites), it’s now obvious to me the people who believe that are actually the ones who can’t get passed their own biases
Listen, our campaign is first and foremost centered around getting political and economic power back on the side of working families. My strategy is to amplify working-class issues every chance I get regardless of what elites tell me I am capable of. See: My day in Toledo
I showed up to a strike against Stericycle on Friday morning and got a full download from workers about the issues they were facing and how Stericycle is screwing them over by increasing their healthcare costs. Image
Read 6 tweets
3 Nov
Last night, something really cool happened across the state of Ohio.

Black progressives, newcomers to the political scene, absolutely dominated and out performed expectations.

In Cleveland, @BibbForCLE won the mayoral race, beating the sitting city council president.

In Lima, Ohio, @sharettaforlima became the city’s first Black mayor and its first woman mayor — in a city that Trump carried!

Cleveland Heights, a suburb of Cleveland, elected @kahlilseren to become their first mayor, beating his more moderate opponent.

In Dayton, Our Revolution and Working Families Party-backed candidate @turnersloss won her race to become city commissioner.

Read 4 tweets

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