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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…
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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…
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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…
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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…
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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.
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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,…
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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…
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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…
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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…
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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.
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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…
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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.
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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…
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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…
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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…
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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…
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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…
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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”…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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What Do the Midterms Mean for Financial Services?
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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.