You are here

OpenMarket: Daniel Press

  • 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.
  • 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.”
  • 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.
  • Credit Card Interest Cap Would Create Consumer Credit Bread Lines

    May 17, 2019
    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.
  • Good and Bad of Government's Debt Collection Proposal

    May 16, 2019
    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 law regulating debt collection in the United States. Overall, the proposed rule is a mixed bag—some bad, some good. However, it is much better than what was expected out of the former Democratic administration, preventing much more sweeping changes.

Pages

Subscribe to OpenMarket: Posts by Daniel Press