The Heartland Institute
Consumer Financial Protection Bureau Considers Repealing Payday Loan Rule
The Heartland Institute cites former Policy Analyst Daniel Press on CFPB regulations. The costs the payday loan rule imposes on consumers and the…
Blog
Australia Needs an Administrative Procedure Act
In the United States, there is an intellectual movement going on the likes of which have not been seen in nearly a century. The administrative…
Blog
Commonsense New Debt Collection Rule from Consumer Financial Protection Bureau
The Fair Debt Collection Practices Act (FDCPA) was passed in 1977, over forty years ago, at a time when telecommunication technology was in its infancy…
Blog
Overhaul Internal Operations at Consumer Financial Protection Bureau
One of the most important, yet least visible, changes a new Consumer Financial Protection Bureau director could make is to reform the internal operations of…
Blog
Regulators Should Foster Financial Innovation
It is becoming increasingly apparent that financial technology, or “fintech,” like other forms of technology, can drastically improve consumers’ lives. Yet one of the most…
Blog
Consumer Financial Protection Bureau Should Acknowledge Its Unconstitutional Structure
The Consumer Financial Protection Bureau’s structure is unconstitutional. The agency’s leadership should recognize it as such.
Blog
Consumer Financial Protection Bureau Should Define ‘Abusive’
The Dodd–Frank Act was a mammoth overhaul of financial services regulation. Along with creating an entire new consumer protection agency, the Consumer Financial Protection Bureau,…
Blog
Prevent Another Mortgage Crisis: Let Qualified Mortgage ‘Patch’ Expire
Last month, the Consumer Financial Protection Bureau released its rulemaking agenda for Spring 2019. While there weren’t too many surprises in the agenda, which mainly…
Blog
Consumer Financial Protection Bureau Should Drop Flawed Enforcement Actions
While the Consumer Financial Protection Bureau’s role in enforcing consumer protection laws is important, there are times when it oversteps the mark and brings frivolous…
Blog
Narrowly Address Fair Lending Requirements to Spare Impact on Small Business
Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act to require financial institutions to collect, report, and make public certain information concerning…
Blog
Reform Fair Lending Laws to Uphold Rule of Law
The CFPB’s new director, Kathleen Kraninger, assured the Senate Banking Committee in her confirmation hearing that she was committed to upholding the rule of law.
Blog
Regulators Should Rescind ‘Small-Dollar’ Loan Rule
The Consumer Financial Protection Bureau is one of the most controversial regulators in Washington, D.C. Since its founding in 2010 under the Dodd-Frank Wall Street…
Blog
Credit Card Interest Cap Would Create Consumer Credit Bread Lines
Last Thursday Rep. Alexandria Ocasio-Cortez (D-NY), and Sen. Bernie Sanders (I-VT) teamed up to introduce a bill that only two democratic socialists could have dreamed up.
Blog
Good and Bad of Government’s Debt Collection Proposal
Earlier this month, the Consumer Financial Protection Bureau released a much-anticipated proposal to revamp the Fair Debt Collection Practices Act (FDCPA), a forty-two year old…
Comment
CEI Comments on CFPB Payday Loan Rule
View Full Document as PDF Introduction On behalf of the Competitive Enterprise Institute (“CEI”), I am pleased to provide the following comment…
Blog
Australian Government Tempts Mortgage Crisis
It seems that Australia’s political parties are suffering from collective amnesia. After spending the earlier half of the year criticizing banks for abrogating their responsible…
Blog
The Economic Illiteracy of a 36 Percent Interest Rate Cap
Earlier this week, the House Financial Services Committee held a hearing on a draft bill that proposes to set a national 36 percent annual percentage…
Blog
Will Reforming Consumer Finance Regulation Cause a Recession?
Will reforming consumer finance regulation cause a recession? That is the claim of a recent article in The Hill. Yet, the article provides little evidence to…
The Hill
Federal Reserve defies White House and Congress on Banking Regulation
President Trump and the Federal Reserve continue to clash over interest rates, but another simmering dispute concerns the regulatory burden the Federal Reserve and other…
Blog
CEI Leads Coalition Supporting Reformed Payday Loan Rule
Today, the Competitive Enterprise Institute led a coalition of eighteen free market organizations in support of the Consumer Financial Protection Bureau’s decision to rescind portions of…
Blog
Reformed Consumer Financial Protection Bureau Can Be Free-Market Regulator
Earlier this week, The New York Times Magazine rolled out another edition of the tired old trope of how former acting Director Mick Mulvaney “destroyed”…
Blog
Restrictions on Debt Collection Impede Access to Credit
In a market economy that is based on private property and the rule of law, the efficient and effective enforcement of contracts is indispensable. Without…
Blog
Bank Regulators Must Correct Flawed Volcker Rule Proposal
As my colleague Devin Watkins discussed earlier this month, a number of federal administrative agencies are refusing to correctly implement a crucial piece of regulatory…
Blog
Fintech and the Future of Consumer Finance
Everyone understands the need for access to credit. No matter how well we budget, we occasionally come up short due to an unexpected circumstance or expense—a…
Inside Sources
The Trump Administration Just Relaxed Payday Lending Rules. Is That Good or Bad for Borrowers?
Inside Sources cited Policy Analyst Daniel Press on the CFPB and payday loans: When drafting the original payday lending rule, the CFPB believed…
The Washington Post
CFPB Wants to Weaken Rules for Payday Loans
The Washington Post cited Policy Analyst Daniel Press on payday loans and the CFPB: “The newly proposed payday loan rule is…
Blog
Financial Services ‘Regulatory Sandbox’ Is Win for Consumers
The comment period on a critical new initiative to promote innovation in financial services from the Consumer Financial Protection Bureau closed this Monday. My colleague…
Comment
CEI Comments to the Bureau of Consumer Financial Protection Proposed Policy on No-Action Letters and Product Sandbox
On behalf of the Competitive Enterprise Institute (“CEI"), we are pleased to provide the following comment letter on the Bureau of Consumer Financial Protection’s (“Bureau,”…
Fox Business
Payday Loan Regulations Rollback is Win for Business, Consumers
Chalk up another win for President Trump’s deregulatory agenda - the Consumer Financial Protection Bureau last week announced a plan to reconsider an Obama-era regulation…
Fox Business
Payday loan regulations rollback is win for business, consumers
Chalk up another win for President Trump’s deregulatory agenda – the Consumer Financial Protection Bureau last week announced a plan to reconsider an Obama-era regulation…
News Release
CFPB Starts Rollback of Flawed Payday Loan Rule
Today the Consumer Financial Protection Bureau announced plans to roll back its controversial Obama-era rule against payday lending. CEI financial policy expert Daniel Press welcomed…
Blog
Fintech: A Bipartisan Priority for the 116th Congress
While the 115th Congress did not achieve all that was hoped for with regards to financial services reform, it did make important progress to achieving…
Institute of Public Affairs
GFC Lessons Not Learnt
This year marks a most unhappy tenth anniversary—the onset of the global financial crisis. What began as a meltdown of the American real estate market…
Inside Sources
CFPB May Scrap Underwriting Requirements for Payday Loans
Inside Sources cited Policy Analyst Daniel Press on his paper, How the Consumer Financial Protection Bureau’s Payday Loan Rule Hurts the Working Poor.
Blog
Agenda for the 116th Congress: Banking and Finance
Perhaps one of the most under-appreciated aspects of our modern world is the fact that finance is fundamental to the operation of a free and…
Blog
Year in Review 2018: Consumer Financial Protection
2018 was a big year for the Consumer Financial Protection Bureau (also known, for a while, as the Bureau of Consumer Financial Protection). The past year…
Blog
Five Priorities for New BCFP Director
Kathleen Kraninger was confirmed as director of the Bureau of Consumer Financial Protection. She has promised to implement a free market reform agenda, focusing on…
Blog
Senate Democrats’ Report Misses Mark on Mulvaney
While President Trump’s nominee to head the Bureau of Consumer Financial Protection, Kathleen Kraninger, awaits a final confirmation vote in the Senate, Senate Democrats have…
Breitbart
CFPB Nominee Kathleen Kraninger Clears Cloture Hurdle In Senate
Breitbart cited CEI’s Senior Fellow John Berlau and Policy Analyst Daniel Press on Kathleen Kraninger nomination. The vote was strictly along party lines,…
IA InsideARM
Senate Vote On Kraninger To Lead BCFP Expected Tomorrow
IA InsideARM cited CEI’s Senior Fellow John Berlau and Policy Analyst Daniel Press on BCFP nominee Kathleen Kraninger. As insideARM reported earlier,…
The Washington Times
Free-Market Group Calls On Senate To Confirm Kathleen Kraninger To Lead Consumer Bureau
The Washington Times cited CEI’s Policy Analyst Daniel Press on BCFP nominee, Kathleen Kraninger. A conservative free-enterprise group urged the Senate Wednesday to…
News Release
Senate Should Confirm Trump Nominee for Bureau of Consumer Financial Protection: CEI Statements
This week, the United States Senate is expected to vote on President Trump’s nominee to head the powerful Bureau of Consumer Financial Protection. CEI financial…
Blog
Bureau of Consumer Financial Protection Needs to Rewrite Payday Loan Rule
Last week, I wrote a blog post on how the Bureau of Consumer Financial Protection could go about narrowly rewriting the payday loan rule. This would…
Blog
What Do the Midterms Mean for Financial Services?
Blog
How to Rewrite the Payday Loan Rule
Last Friday, the Bureau of Consumer Financial Protection announced that it will be reconsidering its’ controversial Payday, Vehicle Title, and High-Cost Installment Loan rule.
Blog
Promise and Pitfalls of Treasury Fintech Report
July 31st, 2018, was one of the most exciting days for financial technology regulation in recent memory. Around 10 a.m. that morning was when the…
The Washington Examiner
A Decade after the Financial Crisis, the Government Fuels Another Housing Bubble
Ten years ago this month marks the anniversary of one of the most dramatic events of the 2008 financial crisis: the collapse of Lehman Brothers,…
Blog
The Financial Crisis 10 Years Later: What’s Changed?
Ten years ago, the United States plunged into a financial crisis that would bring the world economy to the brink of collapse. The housing bubble…
Blog
The Financial Crisis 10 Years Later: Restrictions on Housing Supply Makes Matters Worse
The broader financial crisis of 2007-2008 was the result of the U.S residential housing market collapse. That housing collapse itself was a consequence of an…
Blog
The Financial Crisis 10 Years Later: Fannie and Freddie Fueled the Subprime Mortgage Bubble
If anything symbolizes the American dream, it is homeownership—an asset that is viewed as part of a route from poverty and exclusion to independence and…