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OpenMarket: Daniel Press

  • Financial Services 'Regulatory Sandbox' Is Win for Consumers  

    February 12, 2019
    The comment period on a critical new initiative to promote innovation in financial services from the Consumer Financial Protection Bureau closed this Monday. My colleague John Berlau and I filed comments supporting the effort.
  • Fintech: A Bipartisan Priority for the 116th Congress

    February 4, 2019
    While the 115th Congress did not achieve all that was hoped for with regards to financial services reform, it did make important progress to achieving a more free and competitive system by passing Senate bill 2155. However, while S. 2155 was an important bipartisan victory, there was something conspicuously missing—reform of financial technology. This should be a bipartisan priority in the 116th Congress.
  • Agenda for the 116th Congress: Banking and Finance

    January 21, 2019
    Perhaps one of the most under-appreciated aspects of our modern world is the fact that finance is fundamental to the operation of a free and prosperous society. It is a time machine, allowing us to move value forward and backward through time, and it acts like the oil to a smooth-running economic engine. Without it, our modern economy would grind to a halt. Indeed, as financial historian William Goetzmann has argued, in many ways it is finance that has made our current civilization possible.
  • Year in Review 2018: Consumer Financial Protection

    January 4, 2019
    2018 was a big year for the Consumer Financial Protection Bureau (also known, for a while, as the Bureau of Consumer Financial Protection). The past year marked the first time that the Bureau changed political hands, from the former Democratic Director Richard Cordray, to Republican acting Director Mick Mulvaney, and now to the new permanent Director, Kathleen Kraninger.
  • Five Priorities for New BCFP Director

    December 7, 2018
    Kathleen Kraninger was confirmed as director of the Bureau of Consumer Financial Protection. She has promised to implement a free market reform agenda, focusing on greater competition and lighter-touch enforcement actions. To provide some guidance on how she can go about achieving this, I have outlined five reform priorities for the Bureau.
  • Senate Democrats' Report Misses Mark on Mulvaney

    December 5, 2018
    While President Trump’s nominee to head the Bureau of Consumer Financial Protection, Kathleen Kraninger, awaits a final confirmation vote in the Senate, Senate Democrats have authored a report criticizing the Trump administration’s management of the Bureau.
  • Bureau of Consumer Financial Protection Needs to Rewrite Payday Loan Rule

    November 8, 2018
    Last week, I wrote a blog post on how the Bureau of Consumer Financial Protection could go about narrowly rewriting the payday loan rule. This would allow the rule to easily avoid being struck down by the courts under “arbitrary and capricious review,” while still significantly reshaping the law.
  • What Do the Midterms Mean for Financial Services?

    November 7, 2018

    Now that the Democrats have taken the House, things are going to change for the House Financial Services Committee. To start with, Jeb Hensarling, the Republican chairman of the committee for the past six years, has retired. Hensarling was perhaps the most committed free-market and limited government voice on the committee.


  • How to Rewrite the Payday Loan Rule

    October 29, 2018

    Last Friday, the Bureau of Consumer Financial Protection announced that it will be reconsidering its’ controversial Payday, Vehicle Title, and High-Cost Installment Loan rule. (For a recap of what the rule involves, you can see my paper here.) Despite what some predicted, the Bureau is considering rewriting only certain provisions of the rule, such as the ability-to-repay requirement, rather than rescinding or rewriting the rule in its entirety.


  • Promise and Pitfalls of Treasury Fintech Report

    October 10, 2018

    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 long-awaited Treasury report on nonbank financials, fintech, and innovation was released, outlining the White House’s position on fintech and nonbank regulation. Then around 2 p.m. that same afternoon, the Office of the Comptroller of the Currency announced that they would begin accepting applications for the much anticipated “fintech” charter.


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