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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…
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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…
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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…
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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…
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The Financial Crisis 10 Years Later: A Legacy of Racist Government Housing Policy
A decade ago this Saturday, the world shook as Lehman Brothers, the fourth-largest investment bank in the United States, filed for bankruptcy. Representing one of…
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Democratic Attorneys General Wrong on Fair Lending Laws
On Wednesday, a coalition of fourteen Democratic attorneys generals wrote a letter to the Bureau of Consumer Financial Protection urging the acting director, Mick…
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Securities and Exchange Commission Seeks to Liberalize ‘Accredited Investor’ Standard
Great news for middle-class investors and start-up businesses alike—on Thursday, the Securities and Exchange Commission Chairman Jay Clayton announced that the SEC is looking…
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Australian Government Calls for Interchange Fee Ban
One would expect that years of failing policy would force policymakers to reconsider the wisdom of their actions. But not for the Australian Productivity Commission,…
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California Supreme Court Rules Interest Rates May Be ‘Unconscionable’
Last Monday, the California Supreme Court ruled that interest rates on loans over $2,500 could be deemed ‘unconscionable’ even if usury laws permit them. In…
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Finance Regulators Create New National Charter for Innovative ‘Fintech’ Companies
After years of speculation, the Office of the Comptroller of the Currency (OCC) announced Tuesday that it would begin considering applications for special purpose…
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New York State’s Flawed Online Lending Report
Earlier this month, the New York Department of Financial Services (NYDFS) released a study of online lending, including findings and recommendations for changes in…
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Appeals Court Rules Federal Housing Finance Agency Unconstitutional
Big news out of the Fifth Circuit Court of Appeals—the Federal Housing Finance Agency (FHFA) is unconstitutionally structured. The FHFA was created in the wake…
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Five Questions for Bureau of Consumer Financial Protection Nominee Kathy Kraninger
Kathy Kraninger, President Trump’s nominee to head the Bureau of Consumer Financial Protection (formerly known as the Consumer Financial Protection Bureau, or CFPB), will…
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Bureau of Consumer Financial Protection Must Define New Rulemaking Powers
When Congress passed the Dodd-Frank Act in 2010, there was an unprecedented allocation of power to the Bureau of Consumer Financial Protection (BCFP—previously known as…
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Last Chance for the 115th: Bring Accountability to the Financial Regulators
In CEI’s “Free to Prosper: A Pro-Growth Agenda for the 115th Congress,” my colleagues John Berlau and Iain Murray made the enduring recommendation…
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How to Improve Rulemaking at the CFPB
This week, the Competitive Enterprise Institute submitted comments to the Consumer Financial Protection Bureau, on how it could improve its rulemaking to provide a better…
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Finance Regulators Pave Way for Banks to Reenter Small-Dollar Loan Market
Under the letter of the law, banks can now reenter the small-dollar lending space. On Wednesday, the Office of the Comptroller of the Currency (OCC)…
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Consumer Financial Protection Bureau Reexamines Anti-Discrimination Enforcement
This week President Trump signed a resolution of disapproval overturning one of the Consumer Financial Protection Bureau’s most controversial regulatory actions—the inappropriate application of…
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Ending Disparate Enforcement at Consumer Financial Protection Bureau
Just last week, Congress voted to overturn one of the Consumer Financial Protection Bureau’s most controversial regulatory actions—a guidance document that was used…
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Post Office Payday Loans: A Stunningly Bad Idea
Like clockwork, every so often a new member of Congress will rehash an old, tired idea: having the United States Postal Service (USPS) make short-term,…
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Congress Should Axe Backdoor Auto Finance Rule
This week, Congress has a unique opportunity to repeal one of the Consumer Financial Protection Bureau’s worst regulatory actions. Using the Congressional Review Act (CRA),…
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Acting Director Asks Congress for Reform of Consumer Financial Protection Bureau
On Monday, the Consumer Financial Protection Bureau released its first semi-annual report to Congress under its new Acting Director, Mick Mulvaney. A routine procedure…
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Commonwealth Nations Beating America on FinTech Regulation
While the United States continues to have healthy development of financial technologies—thanks predominately to unparalleled access to capital and technology—it is at risk of falling…
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Arizona Becomes First State to Establish FinTech Sandbox
As the only state where all four North American deserts reside, it’s fitting that Arizona became the first state to establish a “sandbox” for financial…
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3 Proposals to Temper the Federal Payday Loan Rule
When the Consumer Financial Protection Bureau finalized a rule regulating payday loans in October last year, I wrote that this could be the end…
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3 Reasons the Senate Should Pass Financial Reform
The Senate is expected to vote on its first major piece of financial reform this week since the Dodd-Frank Act of 2010. A bipartisan bill…
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The Government Killed Free Checking—Can Amazon Save It?
Amazon's move into banking services spells good news for currently under-served consumers, who often rely on relatively expensive financial services such as payday lending or…
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If the Payday Lending Rule Stays, Ability-to-Repay Does, Too
Many in the financial services industry seem to believe the CFPB's ability to replay rule doesn’t impact them and it’s not worth fighting. That is…
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Government Not Only Source of Regulation for Finance
One of the most misunderstood and underappreciated aspects of free market economics is the idea of private or “self” regulation. Up until recently, private enterprises…
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The Myth of Independence at the Consumer Financial Protection Bureau
The myth of Consumer Financial Protection Bureau independence invalidates the Bureau’s protection from the President and Congress. The extreme insulation is predicated on protecting the…