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Crosscurrents: Global Sustainability Divides & ESG Compliance, Litigation Risks, and Corporate Responsibility

As sustainability moves from niche topic to boardroom central, companies face an increasingly complex global environment of regulatory divergence, disclosure demands and reputational risk. A recent article by J.S. Held's John Peiserich examines how multinational firms can respond effectively to the “crosscurrents” of ESG compliance, litigation exposure and evolving definitions of corporate responsibility. John Peiserich specializes in environmental risk and compliance. With over 30 years of experience, John provides consulting and expert services for heavy industry and law firms throughout the country with a focus on Oil & Gas, Energy, and Public Utilities, including serving as an expert witness in arbitration proceedings and in state and federal courts. View his profile here Key Insights: Sustainability now touches every major business function — environmental, social, and governance — and must be embedded in strategy rather than treated as an add-on. Regulatory landscapes are diverging: while the U.S. federal approach remains fragmented, individual states like California are moving ahead with mandatory climate and emissions-related corporate disclosures. In contrast, the European Union’s Green Deal and related frameworks promote a more unified regulatory model, creating operational tension for multinational corporations. Litigation and disclosure risk are increasing, with “greenwashing” (overstating sustainability achievements) and “greenhushing” (avoiding or under-reporting ESG performance) emerging as major board-level concerns. Effective risk management now requires scalable data systems, transparent communication, strong governance, and agility to adapt across multiple regulatory regimes. Why this matters: The widening divide between jurisdictions — and intensifying scrutiny of corporate sustainability claims — means ESG compliance can no longer be treated as a checkbox exercise. Organizations that fail to anticipate regulatory expectations or align ESG strategy with business goals risk legal exposure, reputational harm, and missed opportunities for value creation. Strategic Insights for Corporate Leadership on Sustainability Boards and executives must adjust their mindset, seeing sustainability not as a burden but as a catalyst for growth and differentiation. Proactive investment in research, development, and stakeholder engagement will help organizations seize new opportunities and maintain credibility in a fast-changing world. Documentation and transparency are vital defenses against legal challenges, while ongoing monitoring of policy and market trends ensures adaptability. Ultimately, the most successful companies will treat sustainability as an essential tenet of strategy—aligning profit, purpose, and governance to secure their position in the global marketplace. Navigating the crosscurrents of sustainability requires courage, judgment, and a commitment to continuous learning. By embracing these principles, corporations can build a future that is not only profitable but also just, resilient, and worthy of the trust placed in them by shareholders and society alike. Looking to know more or connect with John Peiserich about this important topic? Simply click on his icon now to arrange an interview today.

Mosquito-borne disease research featured ahead of climate conference

University of Florida medical geographer Sadie Ryan, Ph.D. is among the international scientists whose work is featured in the forthcoming “10 New Insights in Climate Science” report, which will be presented at the United Nations COP30 Climate Conference on Nov. 10. Ryan’s research, which examines how climate change influences the spread of mosquito-borne diseases such as dengue, contributed to a newly generated global map illustrating where shifting temperatures and rainfall patterns are making conditions increasingly suitable for disease transmission. “A lot of my research is about how vector-borne diseases are going to move as the climate changes, and what that means for where and when transmission can happen,” Ryan said. “Climate change isn’t the only driver of dengue’s spread, but we are seeing the bleeding edge of climate shifting those distributions, where it’s warm enough for long enough and wet enough at the right times for outbreaks to take off.” According to Ryan, the map included in the report is based on the most recent generation of climate models and directly illustrates how climate suitability for dengue is changing around the world. Produced annually by Future Earth, the Earth League and the World Climate Research Programme, the report synthesizes the most important developments in climate research at the intersection of climate, health and policy on the world stage.

Local Election Results a Bellwether for the Nation

Lawrence Levy, associate vice president and executive dean of the National Center for Suburban Studies, was interviewed by several media outlets on and after Election Day. These included Newsday, Gothamist; the Canadian Broadcasting Corporation (CBC); and NY 1 Spectrum News. Levy discussed how local election results reflect the political climate throughout the state and the rest of the nation.

Generative AI may help turn consumers into active collaborators and creators, study finds

In the advertising world, generative AI is transforming the way brands connect with consumers, turning audiences from passive viewers into active creators who can shape and personalize campaign content. A recent study in the International Journal of Advertising, conducted by researchers at the University of Florida’s College of Journalism and Communications, determined that by letting people use AI tools to create images that fit a brand’s style, companies can invite customers to take part in their campaigns. This hands-on approach makes consumers feel more empowered, which can lead to more positive feelings about the brand and a higher likelihood of buying its products. “I came across the Coca-Cola and Heinz campaigns and was amazed by how AI can be used to transform and empower consumers,” said Yang Feng, Ph.D., an associate professor in artificial intelligence in the UF Department of Advertising, who co-conducted the study with assistant professor Yuan Sun, Ph.D. “This inspired me to reach out to Yuan to explore a potential collaboration.” The project began in 2023 following the success of Coca-Cola’s “Create Real Magic” campaign and Heinz’s “AI Ketchup” campaign, both of which allowed customers to engage directly with the brands using generative AI. To test the effectiveness of these types of campaigns, Feng and Sun set up two surveys. The first was given to participants to evaluate their familiarity with generative AI tools and the ways participants used them. This survey illuminated three areas that users felt were enhanced by generative AI: collaboration, creation and communication, which Feng and Sun refer to as the 3C framework. For the second survey, Feng and Sun mocked up a website for Harbor Haven Coffee, a fictional coffee brand committed to sustainability and ethical coffee bean sourcing. “We wanted a company that resonated with as many people as possible,” Sun said. “One of the other goals of the first survey was to find what participants cared about most, which is how we came up with the brand’s eco-friendly mission.” Along with the company’s description and mission statement, a generative AI tool was added to the homepage, encouraging participants to utilize it to produce images using prompts that fell within the brand’s guidelines. While participants were free to put whatever they wanted into the prompt box, each participant got back the same pre-generated image in order to reduce confounding factors. Participants were then asked a final round of questions to get a sense of how participating in this campaign made them feel. Findings from the surveys showed that incorporating generative AI into advertising campaigns increased the chances of turning potential customers into empowered consumers, or individuals who actively participate in brand development rather than passively receive ad content. Feng and Sun found that the reasons behind this empowerment were tied to their 3C framework. First, the collaborative nature of these campaigns fosters a sense of agency in the advertising process. Second, the reciprocal nature of human-generative AI communications boosts consumer confidence by making people feel more in control. Finally, directly engaging consumers and facilitating their creativity through AI builds stronger consumer relationships and reinforces positive brand associations. “This sense of empowerment can be further strengthened with a user interface that facilitates seamless human-generative AI interaction, which is my specialty,” Sun said. “It should prioritize user-friendly features, clear instructions for prompting GenAI and intuitive navigation to enhance the user experience.” However, among the benefits, the researchers also found a potential downside that could limit the success of these kinds of campaigns in the future. “Once AI’s creation capacity surpasses a certain point, consumers may start to feel overwhelmed and no longer view the output as their own creation but rather as the work of the AI, which ultimately diminishes their sense of empowerment,” Feng said. To this end, Feng intends to continue researching the 3C framework. Generative AI could play a big role in advertising going forward, and she hopes to explore its interpretive power in new contexts.

Building organisational 'sustainability fitness': Dr Breno Nunes on preparing businesses for a net zero future

Aston University’s approach to a global challenge Across industries, companies face mounting pressure to cut carbon, improve resource efficiency, and contribute to the UN Sustainable Development Goals (SDGs). Yet many firms still struggle to move from vision statements to measurable action. At Aston Business School, Dr Breno Nunes, reader in sustainable operations management, is developing practical frameworks that help organisations embed sustainability at their core. His concept of 'sustainability fitness' captures how firms can build the capabilities they need to adapt, compete, and thrive in the transition to a net zero economy. “Many organisations want to be sustainable but struggle to operationalise what that means. My work is about bridging that gap — helping businesses translate strategies into practice.” — Dr Breno Nunes The sustainability fitness concept involves both meeting human needs and respecting environmental limits. While it can also be applied at the societal and individual level, Dr Nunes focuses on organisations, where capability building delivers the fastest, measurable change. Corporate sustainability fitness examines how a firm is able to survive and meet its own needs, while aligning itself to wider essential needs of society and operating within limits imposed by its surrounding natural environment. From research to real-world action Dr Nunes’ research examines how organisations design, implement, and monitor sustainability strategies across operations, supply chains, facilities, and product development. He is the main author of the book Sustainable Operations Management: Key practices and cases, which applies the issues of sustainability to all strategic decisions of operations. His work is already making a tangible difference, including international partnerships in Brazil, Canada, and the US, bringing cross-cultural insights into organisational transformation, as well as for various companies and organisations. In an Innovate UK Knowledge Transfer Partnership (KTP) with automotive supplier Metal Assemblies, Dr Nunes and Professor Alexeis Garcia Perez, professor of digital business and society at Aston University, are working to calculate and report the carbon cost of metal components used in car production, tackling one of the industry’s biggest sustainability challenges. The digitalisation of processes will allow Metal Assemblies to meet customers' requirements and position itself as a trusted and transparent supplier of low-carbon components. In another KTP with Brockhouse Group, a forging manufacturer in the West Midlands, Dr Nunes worked with Aston colleague Dr Muhammad Imran, reader in mechanical, biomedical and design engineering. Together they developed a sustainable manufacturing strategy centred on carbon reduction and process improvement. The work involved the development of an energy dashboard, allowing analysis of data on gas and electricity consumption. The project also included analysis of alternatives for energy recovery systems, and development of routines and procedures to improve the manufacturing process. As a result, Brockhouse group is more competitive to supply in non-captive markets. Dr Nunes has also been involved with a collaboration with Birmingham Botanical Gardens to integrate sustainability into policy and practice, expanding the use of business sustainability theories to nonprofit sectors. Sustainability can be embedded across different areas of organisations while seeking financial stability. As an environmental education charity, it is important to for Birmingham Botanical Gardens to 'practise what it preaches'. It was recently awarded almost £20m from various grants (including Heritage Lottery) in a capital project, thanks to having sustainability at the core of renovation plans. These projects highlight Aston University’s role in bridging academia, industry, and policy — ensuring research findings reach the boardroom as well as the factory floor. Key insights from the research Dr Nunes’ studies highlight several critical factors for turning sustainability from intention into measurable results: • Organisational capabilities are central to embedding sustainability. These include empowering sustainability “champions” (institutional entrepreneurs), supportive structures, superior technologies, and the ability to learn and balance economic, environmental, and social performance. • The tensions in implementing sustainability vary not just by function (supply chains, governance, innovation) but also by an organisation’s maturity level. • Start with the low-hanging fruit: tools like self-assessments, capability diagnostics, and learning games allow firms to act at lower cost before committing to full environmental impact assessments or formal reporting. • Collaboration between academia, industry, and policymakers accelerates real-world impact. Why this matters The stakes are high. Businesses worldwide are expected to reduce carbon emissions, demonstrate social responsibility, and remain competitive in a rapidly changing global economy. Aston University’s research shows that strengthening sustainability capabilities not only improves environmental outcomes but also boosts resilience and cost savings. In pilot projects, teams working with Dr Nunes have achieved up to 30% reductions in both cost and carbon emissions — proof that sustainability can drive operational performance as well as compliance. Looking ahead: expanding the Sustainable Growth Hub The next phase of Dr Nunes’ work centres on Aston’s Sustainable Growth Hub, which is being developed as a reference point for SMEs seeking sustainability solutions. In 2025, the Hub will: • Launch its first industry club cohort and expand its team. • Roll out new self-assessment tools to size sustainability needs and decarbonisation goals. • Introduce new learning formats and follow-up courses to Aston’s Green Advantage programme, alongside sessions to play a new corporate sustainability game. • Host events to bring together businesses, policymakers, and the wider sustainability management community. • Attract new research grants and publish results to share knowledge across both academic and practitioner circles. These initiatives aim to equip organisations not only to meet today’s challenges, but to anticipate tomorrow’s. Get involved Follow Dr Nunes via his profile below, and soon through the Sustainability Fitness website. Businesses can also attend Aston Business School events to explore workshops, tools, and courses first-hand. About Dr Breno Nunes Dr Breno Nunes is reader in sustainable operations management at Aston Business School and president of the International Association for Management of Technology (IAMOT). He serves as associate editor of the IEEE Engineering Management Review and has published widely on sustainability strategy execution and innovation. Aston University’s work in sustainable operations — shaped by researchers like Dr Nunes — is helping organisations worldwide move from ambition to action, building the 'sustainability fitness' needed for a net zero future.

Federal Budget 2025: What's In It for Canadian Seniors?

Let's be honest: the word "budget" probably makes you want to take a nap. Or pour a stiff drink. Maybe both. We spent decades pinching pennies, brown-bagging lunches, and watching every dollar so we could finally retire and stop thinking about money every waking minute. Now here I am, telling you to read about a government budget. I know. I'm sorry. But stick with me—I promise to make this as painless (and possibly entertaining) as possible. Why You Should Care About the 2025 Federal Budget (Even If You Really Don't Want To) Some of you hate talking about money. I get it. But here's the thing: information is power, and denial isn't just a river in Africa (give it a second to land)—it creates unnecessary ignorance and real missed opportunities to regain some control over your financial life. Plus, this budget affects your kids and grandkids too. So even if you're sitting pretty, the people you love might not be. The Economy Right Now: A Very Quick Explainer You've probably noticed everything costs more. A lot more. Welcome to inflation, courtesy of today's tariff-happy trade wars. (And if you want a deeper dive into how inflation affects more than just your wallet, check out my earlier piece: "Inflation: It's not just for prices anymore".) Here's the short version: When governments slap tariffs on imported goods (think: "You want to sell your stuff here? Pay up!"), Companies pass those costs directly to you at checkout. Your grocery bill goes up. Your heating costs rise. Even that new garden hose costs more because, apparently, everything comes from somewhere else now. So when you're living on a fixed income—CPP, OAS, maybe some RRIF withdrawals—and prices keep climbing while your income stays flat, that's a problem. A big one. Enter: the federal budget. It's basically Ottawa's financial to-do list: where they'll spend money, what they'll cut, and (theoretically) how they plan to make your life easier. Or at least less expensive. What's Actually In This Federal Budget Thing (The Good Parts Only) I've waded through the charts, jargon, and multi-billion-dollar announcements so you don't have to. Here's what matters to you: 1. Your House: Now it's a Potential ATM Remember when turning your basement into a rental suite sounded expensive and complicated? Ottawa heard you. The Secondary Suite Loan Program is expanded: Borrow up to $80,000 at 2% interest (15-year term) to build a basement apartment, garden suite, or in-law unit.  The refinancing rules are also relaxed: You can now refinance up to 90% of your home's post-renovation value to fund these projects. Translation: You can turn unused space into monthly rental income, house a caregiver, or create a spot for family—all while boosting your property value. It's like your house went to entrepreneurship school. For more on Additional Dwelling Units (ADUs), check out this post. 2. Slightly Less Painful Tax Season Ottawa is cutting the base federal tax rate for modest-income earners and cancelling the consumer carbon price on heating fuels. Translation: If you're still working part-time or living on CPP + OAS + RRIF withdrawals, expect slightly lower deductions and cheaper heating bills starting this winter. We're talking maybe $30–$50 more per month—not a windfall, but enough to buy groceries without wincing at the checkout. 3. Health Care: Maybe, Possibly, Getting Better The budget includes more money for provinces to spend on health care and long-term care reform. The goal? Shorter wait times and expanded home-care programs. Translation: The government says they're helping seniors age at home with dignity. Whether that actually happens depends on your province not blowing the money on consultants and photo ops. Keep your eyes on provincial announcements for new or expanded home-care subsidies. 4. Your Savings: Slightly Less Likely to Evaporate Budget 2025 confirmed Canada has the lowest debt-to-GDP ratio in the G7. They're also cracking down on bank fraud and scams targeting seniors. Translation: Lower national debt helps keep interest rates and inflation under control, protecting the real value of your fixed income. And Ottawa is finally recognizing that scammers love targeting retirees. (If you haven't already, read my piece on The Rise in Grandparent Scams—it's eye-opening.) About time. Watch for my upcoming article on a recent senior scam making the rounds—and my assessment of how banks can do much more to protect seniors.  5. $60 Billion in "Savings" (Don't Panic) You'll hear politicians bragging about cutting $60 billion. Before you worry they're gutting CPP or OAS, relax. They're trimming their own bureaucracy—less middle management, more digital tools, fewer wasteful meetings about meetings. Translation: They're supposedly spending less on themselves so they can spend more on things that matter—like housing, health care, and infrastructure. Whether they actually pull this off remains to be seen, but at least they're talking about it. So What Does All This Actually Mean? Look, I won't pretend this budget is a game-changer. It's not. But it does offer a few smart moves if you're willing to act. And let's remember: this is Carney's first budget. Changing financial policy and spending priorities takes time—and some patience on our part. Rome wasn't built in a day, and neither is a functional federal budget that actually helps everyday Canadians. Review your home equity. Could an ADU loan help you age in place and generate income? Audit your expenses annually. Cutting $100/month in spending equals roughly $1,500 in pre-tax income. That's real money. Stay vigilant against scams. Government protection is nice, but it starts with you not clicking sketchy emails and text messages. Ask about tax credits. Low-income seniors may qualify for increased refundable credits under provincial top-ups this year. This isn't a flashy budget. There are no big checks in the mail. But it does signal a shift toward pragmatism: help Canadians stay housed, healthy, and financially secure while Ottawa tightens its own belt. For Canadians 55+, that means: Slightly lower everyday costs More options to create income from your home Continued investment in health and home care A more stable economy to protect your savings Progress? Maybe. One cautious, bureaucratic step at a time. Your Next Move Take 30 minutes this week to think through how these programs could fit into your life. Could an ADU loan make aging in place possible? Could refinancing free up cash flow? Small adjustments now = big peace of mind later. And that's what being hit, fit, and financially free is all about. And hey—you just read an entire article about a government budget. Voluntarily. That deserves recognition. Go ahead, brag about it. You've earned it. Now go enjoy your retirement. You've definitely earned that too. Sue Don’t Retire…Re-Wire!!!

Lighting the Fires of Memory: The History, Meaning and Modern Significance of Memorial Observances

In the United States, United Kingdom and Canada, special annual days of remembrance bring into focus a simple yet profound truth: societies mark the sacrifice of those who died in military service so that past and future generations will not forget. These observances are layered with history, symbolism and evolving practice. Origins & Historical Development United States – Memorial Day Memorial Day began in the aftermath of the American Civil War. One of the earliest national observances took place on May 30, 1868, when John A. Logan, Commander-in-Chief of the Grand Army of the Republic, proclaimed “Decoration Day” to honour the Union dead by decorating their graves. The date was chosen because spring flowers would be in bloom across much of the country. Over time, as the United States engaged in further conflicts, Decoration Day evolved into a broader day of honouring all U.S. military personnel who died in service. In 1971, Congress made Memorial Day a federal holiday observed on the last Monday of May. United Kingdom and the Commonwealth – Remembrance Day Remembrance Day, also known as Armistice Day, originated from the end of the First World War and is observed on November 11. It commemorates the armistice signed at the 11th hour of the 11th day of the 11th month in 1918. In Britain and the Commonwealth, the red poppy became the enduring symbol of remembrance, inspired by the poppies of Flanders fields and popularized in the years following the war. Canada – Remembrance Day Canada also observes Remembrance Day on November 11. The observance dates back to post-WWI traditions and was officially adopted by Parliament in 1931. It honours the more than 118,000 Canadians who have made the ultimate sacrifice among the 2.3 million who have served in uniform. Meaning and Symbolism At their core, Memorial Day and Remembrance Day are about memory, sacrifice, duty, and gratitude. They serve as communal rituals: visiting cemeteries and memorials, placing flowers or wreaths, holding moments of silence, and wearing symbols like the poppy. In the United States, the act of decorating graves carried not only personal remembrance but also civic pride—honouring those who laid down their lives for their country. In the United Kingdom and Canada, the poppy remains a powerful visual reminder of both the human cost of war and the enduring hope for peace. Modern Significance These observances offer societies a chance to pause, reflect, and connect past sacrifice with present freedoms and responsibilities. In the United States, Memorial Day has also come to mark the unofficial start of summer. Still, national initiatives such as the National Moment of Remembrance invite Americans to refocus on solemn reflection. In Canada and the United Kingdom, Remembrance Day remains deeply ceremonial, marked by two-minute silences, wreath-layings, and public education about the sacrifices of war. For all three nations, these days foster inter-generational understanding—educating younger people about service, sacrifice, and the peace that followed—while reminding governments and citizens alike of ongoing obligations to veterans. Why It Matters to U.S., British, and Canadian Peoples For Americans, Memorial Day symbolizes how unity, freedom, and democracy have been defended and preserved at great cost. For Britons and Canadians, Remembrance Day binds their shared histories of service in global conflicts, linking national identity with sacrifice and resilience. In Canada especially, the day has evolved into a moment not just of military remembrance, but of reflection on what it means to serve a country and commit to peace. Across all three nations, these observances allow public acknowledgment of loss and courage, while anchoring civic values of duty, freedom, and gratitude. Key Themes and Story Angles Continuity and Change: From Decoration Day to Memorial Day, from Armistice Day to Remembrance Day—how the meaning endures through time. Symbols and Rituals: Poppies, wreaths, silences, and ceremonies as expressions of collective memory. Commercialization vs. Solemnity: Balancing commemoration with modern traditions such as travel and leisure. Generational Awareness: Passing remembrance to younger audiences through schools, media, and veterans’ stories. Veterans and Contemporary Service: Linking remembrance with ongoing commitments to those who serve. Community Connection: How towns and cities mark remembrance through local parades, services, and shared stories. Memorial Day and Remembrance Day are more than calendar observances—they are living rituals of collective gratitude. They invite reflection on what has been given and what must be preserved. For the United States, the United Kingdom, and Canada, these days stand as enduring reminders of courage, unity, and the price of peace. Connect with our experts about the history, meaning and modern significance of memorial observances: Check out our experts here : www.expertfile.com

Op-Ed: Stablecoin 'rewards' are a risk to financial stability

Congress has long recognized that stablecoins should not function as unregulated bank deposits. The intent of the recently enacted GENIUS Act is clear: to prohibit stablecoin issuers from paying interest or yield to holders, maintaining a distinction between payment instruments and bank deposits which are not only used for payment purposes but also as a store value. Yet loopholes have already emerged. Some crypto exchanges and affiliated platforms now offer “rewards” to stablecoin holders that work much like interest, potentially undermining the stability of the traditional banking system and constraining credit in local communities. Terminology matters. Credit card rewards are funded by interchange fees and paid to encourage spending — you earn points for using your card. Stablecoin “rewards” are different. They’re funded by investing the reserves backing stablecoins, typically in Treasury bills or money market funds, and passing that interest income to holders. You earn returns for holding the stablecoin, not for using it. Economically, this is indistinguishable from a bank deposit paying interest. When a platform advertises “5% rewards” on stablecoin holdings, it’s generally backing those tokens with Treasuries yielding about 4.5%, then passing that yield to users. Whether labeled rewards, yield or dividends, the function is the same: interest on deposits. Banks perform a similar activity — taking deposits, investing in loans and paying depositors a return — but face far higher costs, including FDIC insurance, capital requirements and compliance obligations that stablecoin issuers largely avoid. This dynamic has a precedent. In the 1970s and early 1980s, Regulation Q capped bank deposit rates at 5.25% while inflation and Treasury yields soared above 15%. Money market funds filled the gap, offering market rates directly to consumers. Deposits fled smaller banks, which lost their funding base, while large money-center institutions gained reserves. The result was widespread disintermediation, the collapse of the savings and loan industry and the farm-credit crisis of the 1980s. Stablecoin “rewards” risk repeating that history. Just as money market funds exploited the gap between regulated deposit rates and market rates, stablecoin platforms exploit the difference between what banks can profitably pay and what lightly regulated issuers can offer by passing through Treasury yields with minimal overhead. Some ask why banks can’t just raise deposit rates. The answer lies in structure. Banks operate under a fundamentally different business model and cost framework. They pay FDIC premiums, maintain capital reserves and comply with extensive supervision — costs most stablecoin issuers don’t bear. Banks also use deposits to make loans, which requires holding capital against potential losses. Stablecoin issuers simply hold reserves in ultra-safe assets, allowing them to pass through nearly all the yield they earn. To match 5% “rewards,” banks would need to earn 6% to 7% on their loan portfolios — an unrealistic target in today’s environment, especially for smaller community banks. The consequence is not fair competition, but a structural disadvantage for regulated depository institutions. The Consumer Bankers Association warns this loophole could trigger a massive shift of deposits from community banks to global custodians. Citing Treasury Department estimates, the Association notes that as much as $6.6 trillion in deposits could migrate into stablecoins if yield programs remain permissible. Because the GENIUS Act’s prohibition applies narrowly to issuers, exchanges and intermediaries may still offer financial returns under alternate terminology. This opens the door to affiliate arrangements that replicate the essence of interest payments without legal accountability. Those reserves don’t stay in local economies. The largest stablecoin issuers hold funds at global custodians such as Bank of New York Mellon, in money market funds managed by firms like BlackRock or — if permitted — directly with the Federal Reserve. When a community-bank depositor moves $100,000 into stablecoins, that capital exits the local bank and concentrates at systemically important institutions. The community bank loses lending capacity; the megabank or the Fed gains reserves. The result is disintermediation with a concentrated risk profile reminiscent of the money-market fund crisis. The Progressive Policy Institute estimates that community banks — responsible for roughly 60% of small-business loans and 80% of agricultural lending nationwide — could be among the most affected. In Louisiana, where local banks finance small businesses and family farms, that risk is especially relevant. If deposits migrate to unregulated digital assets, community-bank lending could tighten, particularly in rural parishes and underserved communities. Research from the Brookings Institution reinforces the need for regulatory parity. The label “rewards” doesn’t change the fact that these payments are economically interest. Allowing intermediaries to generate yield without deposit insurance or prudential oversight could recreate vulnerabilities similar to those seen during the 2008 money market fund crisis. To preserve financial stability, policymakers should move to close the stablecoin-interest loophole. Clarifying that the prohibition on interest applies to all entities— not just issuers — would uphold Congress’ intent. Regulators such as the Securities and Exchange Commission, Commodities Futures Trading Commission and federal banking agencies could also treat “reward” programs as equivalent to deposit interest for supervisory purposes. Stablecoins offer genuine efficiencies in payments, but unchecked yield features risk turning them into unregulated banks. History shows what happens when regulatory arbitrage allows competitors to offer deposit-like products without oversight: deposit flight, institutional instability and capital flowing away from community lenders. Acting now could help sustain stability, protect depositors and preserve the credit channels that support community lending — especially in states like Louisiana, where community banks remain the backbone of Main Street.