You are here

OpenMarket: Financial Regulation

  • Celebrate Consumer Finance Law Modernization

    October 23, 2019
    Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced that it will create a taskforce to “harmonize and modernize federal consumer financial laws.” The Taskforce on Federal Consumer Financial Law will report to the CFPB Director with recommendations to improve and strengthen the legal and regulatory regime surrounding consumer credit markets.
  • In Praise of Pro-Consumer Tenure of Finance Regulator Kraninger

    October 16, 2019
    As she prepares to give her semi-annual testimony to Congress this week—on Wednesday to the House Financial Services Consumer Financial Protection Bureau and on Thursday to the Senate Banking Committee—Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger has much to be proud of. Since the Senate confirmed her in December 2018, Kraninger has worked diligently to make the CFPB more transparent, more accountable, and ultimately more consumer-friendly.
  • Like Socialism, Financial Transaction Tax Doomed to Fail

    September 24, 2019
    In The Wealth of Nations, Adam Smith coins the four maxims of taxation: fairness, certainty, convenience, and efficiency. Smith’s maxims are used as a litmus test amongst public finance economists when determining if a tax is “good” or “bad.” In the case of a financial transaction tax (FTT), such a notion is neither fair, certain, convenient, nor efficient—and therefore, bad public policy.
  • Feds: Gambling Fine, But Investing Too Risky

    September 24, 2019
    “In the risk reform debate, as in so many political debates, logic is often for losers.” So lamented Competitive Enterprise Institute founder and president emeritus Fred L. Smith, Jr. in 1995, and he has expressed similar sentiments many times since.
  • Protect Consumers, But Let Debt Collectors Do Their Jobs

    September 23, 2019
    Debt collector seem to be the occupation everyone loves to hate, but without them businesses large and small—from banks to gyms to doctor’s offices—could not serve their customers with the assurance that their contracts would be enforced. That’s why the Competitive Enterprise Institute has again weighed in with the Consumer Financial Protection Bureau (CFPB), calling for debt collection rules that protect consumers from fraud and harassment, but don’t hinder debt collectors’ crucial function in keeping the credit market flowing.
  • Marijuana Industry Bank Reform on Capitol Hill Agenda

    September 3, 2019
    While the continued legalization of recreational and medicinal use of marijuana at the state level has undoubtedly been a win for liberty, there remains much work to do as to normalize the burgeoning marijuana industry in the broader legal and economic fabric of the nation.
  • Debt Collectors Keep Credit Market Flowing

    August 20, 2019
    Debt collecting is a profession that gets little love, but given the social good done by debt collectors who operate ethically and follow the rules, maybe it’s time that we show them some affection. If not that, we should at least give them reasonable rules to play by—rules that would also benefit consumers and entrepreneurs who participate in the credit market.
  • VIDEO: Financial Services for Everyone

    July 26, 2019
    Our friends at the Cato Institute recently hosted an excellent discussion on financial opportunity and inclusion titled “How Credit Is Reaching Underserved Communities,” featuring an impressive panel of experts, including CEI board member Todd Zywicki of George Mason University.
  • Defiance of Congress Melts Federal Reserve Credibility

    July 11, 2019
    In advance of his testimony yesterday before the House Financial Services Committee, Federal Reserve Chairman Jerome Powell was the subject of a front-page story in The Wall Street Journal that touted his supposedly good relations with lawmakers of both parties. “Powell’s Support Inside Congress Is Deep,” read the Journal headline in the print edition.
  • Commonsense New Debt Collection Rule from Consumer Financial Protection Bureau

    June 20, 2019
    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 and the consumer Internet did not exist. Since that time, the technology used to communicate with customers has changed drastically. As one might suspect, the FDCPA has not kept up with these dramatic changes.

Pages

Subscribe to OpenMarket: Financial Regulation