Summary
Trump’s team is considering abolishing key banking regulators, including the FDIC and OCC, with plans to consolidate their functions under the Treasury Department.
Critics warn this could undermine public trust in banking, weaken deposit insurance protections, and risk another financial crisis.
The FDIC, established during the Great Depression, played a crucial role in managing the 2023 banking crisis.
Trump allies, backed by financial industry donors, are also targeting other consumer protections, reflecting sweeping deregulatory ambitions tied to Project 2025’s proposals.
Experts fear these moves could destabilize the economy.
Do y’all have any banks that hold USD? Or are you recommending that I convert my life savings to CAD and transfer to a Canadian bank with CDIC?
Most banks do have USD accounts. How they work or if they are CDIC protected or not, I have no clue
Got a recommendation? Are your banks as bad as your telecom companies?
Any banks without monthly fees for inactive accounts? Credit unions? Non profits?
You’d have to do all that legwork yourself.
I never needed to do this and you seem to a better handle on this than me.
I googled it and seems like I basically need a Canadian tax number unless I get a 0% interest account. Doesn’t seem like an easy option for US Americans.
Maybe I can get a temp 1 month job one day in Vancouver or something…