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OpenMarket: Financial Regulation

  • Regulators Should Foster Financial Innovation

    June 17, 2019
    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 glaring failures of the Consumer Financial Protection Bureau has been its neglect of the role of financial innovation.
  • Consumer Financial Protection Bureau Should Acknowledge Its Unconstitutional Structure

    June 11, 2019
    The Consumer Financial Protection Bureau’s structure is unconstitutional. The agency’s leadership should recognize it as such.
  • Consumer Financial Protection Bureau Should Define 'Abusive'

    June 5, 2019
    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, it also created an entire new consumer protection standard, a prohibition on “abusive” acts or practices. This new prong is a part of a broader prohibition on “Unfair, Deceptive or Abusive Acts or Practices,” otherwise known as UDAAP.
  • SEC's 'Regulation Best Interest' Respects Investor Choice

    June 5, 2019
    Today, the Securities and Exchange Commission approved final rules that comprise “Regulation Best Interest,” which will govern conduct of broker-dealers in their transactions with retail investors. Any new regulation will likely mean higher costs, and these costs—as with the costs of business taxes and tariffs—will likely be passed on to the individual customer.
  • Prevent Another Mortgage Crisis: Let Qualified Mortgage 'Patch' Expire

    June 4, 2019
    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 involved implementing statutory requirements or completing ongoing initiatives, there was one important new reform that jumped out: assessing the necessity of a provision known as the Qualified Mortgage “patch.”
  • Don't Let Credit Scoring Kerfuffle Compromise GSE Reform

    May 31, 2019
    Just when it seemed that reforming the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac was becoming a “third rail” that politicians did not want to touch, Trump administration officials—from the president on down—are now making bold statements about curbing the powers of GSEs in the housing market and reducing their risk to taxpayers.
  • Consumer Financial Protection Bureau Should Drop Flawed Enforcement Actions

    May 29, 2019
    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 cases based on weak factual grounds or obscure legal theories. Two well-documented examples are the PHH case and the Ally Financial consent order, both pursued under the Obama administration.
  • Narrowly Address Fair Lending Requirements to Spare Impact on Small Business

    May 28, 2019
    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 credit applications made by women- and minority-owned small businesses.
  • Reform Fair Lending Laws to Uphold Rule of Law

    May 23, 2019
    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. More than just a buzzword, Director Kraninger has shown her commitment through such actions as asking Congress to clarify the bureau’s authority to supervise for compliance with the Military Lending Act and ending “regulation by enforcement.”
  • Regulators Should Rescind 'Small-Dollar' Loan Rule

    May 22, 2019
    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 Reform and Consumer Protection Act, the Bureau has faced relentless scrutiny for its unconstitutional structure, reckless spending, aggressive enforcement activity, and flawed rulemakings, to name a few.

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