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OpenMarket: Financial Regulation

  • Navient Files for Summary Judgement in Meritless CFPB Case

    June 3, 2020
    On May 19, student loan servicer Navient filed for summary judgement on a CFPB lawsuit started over three years ago. In the filing, Navient urged Judge Robert D. Mariani of the Middle District of Pennsylvania to stop the litigation, arguing that the agency has yet to bring forth any evidence to support its claim that the company purposefully misled borrowers into forbearance.
  • My Answer to J.K. Rowling on What Cryptocurrency Is

    June 2, 2020
    To paraphrase a famous financial services commercial from the 1970s and 1980s, when J.K. Rowling asks, people answer. When the famed author of the Harry Potter series of books requested an explanation of bitcoin on Twitter in May, hundreds of people raced to reply. On May 17, CEI's John Berlau joined the fray in a tweet thread addressed to Rowling.
  • HEROES Act Mostly Grows Government, But Has Redeeming Cannabis Banking Provision

    May 20, 2020
    The HEROES Act calls for trillions of dollars in new deficit spending and includes a number of longstanding progressive pet projects unrelated to the COVID-19 pandemic. Yet, there is a free-market pony in the middle of this pile of big-government initiatives: Affirming the legality of banking services to marijuana-related firms in states that have declared the substance legal.
  • A National Interest Rate Cap Has No Place in the Next Coronavirus Relief Package

    May 8, 2020
    As the economic fallout from the COVID-19 pandemic continues to wreak havoc, it’s crucial that struggling Americans have access to affordable short-term credit. Congress should reject calls to include a nationwide interest rate cap in the next COVID-19 relief package. Setting an arbitrary limit on interest rates would prevent millions of already struggling Americans from getting credit.
  • SEC's Shuttering of Fund Fees - #NeverNeeded and Never Authorized

    April 29, 2020
    Over the past month, CEI and others have pointed to #NeverNeeded regulations that are hindering our response to the COVID-19 pandemic and to economic dislocation. Now CEI has joined with other industry and policy groups to petition the Securities and Exchange Commission to cease regulatory actions that were not only #NeverNeeded, but never authorized.
  • Modified Libra Cryptocurrency Still an Innovation, but Clear away Regulatory Barriers for More

    April 21, 2020
    Libra and other cryptocurrencies could serve functions other than initially imagined. The potential for faster payments from Libra and other cryptocurrencies, at a time when the public and policy makers are looking to move money faster, may be the biggest draw.
  • Facts, Not Feelings, Should Inform Regulation of the Debt Settlement Industry

    April 17, 2020
    As money gets tight during the COVID-19 pandemic and quarantine, policy makers need to ensure that struggling households have multiple options to manage their debts and stay afloat. One such option is debt settlement, and the good news is that the Consumer Financial Protection Bureau is resisting calls to regulate it out of existence.
  • Why Is Trump’s SEC Chairman Looking to Bring Back an Obama-era Financial Rule?

    April 1, 2020
    SEC Chairman Jay Clayton has proposed a set of regulations last fall that would bar many middle class investors from buying mutual funds and exchange-traded funds—financial products that have been on the market for nearly three decades. Instead of creating new red tape, Chairman Clayton should abandon these proposals and give all Americans the freedom to have a bite at the next Apple.
  • Financial Services Committee Democrats Release COVID-19 Wish List

    March 27, 2020
    This week, Democrats on the House Financial Services Committee unveiled their public policy response to the COVID-19 pandemic. While framed as a goodwill attempt at helping struggling Americans, the partisan legislation contains a number of controversial provisions that have no place in an emergency, short-term relief package.
  • Don’t Save Restaurants by Shafting Consumers

    March 20, 2020
    Restaurants are among the hardest—if not the hardest—hit of industries impacted by the COVID-19 pandemic. Like other industries, restaurants are lobbying Congress and state legislatures for assistance. The proposals of the National Restaurant Association have some healthy policy morsels that will benefit all, but some other items that will give restaurant consumers severe indigestion.

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