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OpenMarket: Daniel Press

  • Five Priorities for the New CFPB 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.

  • The Financial Crisis 10 Years Later: What's Changed?

    September 14, 2018

    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 was overwhelmingly a result of Fannie Mae and Freddie Mac’s reckless departure from tried and true underwriting practices, the Federal Reserve’s expansionary monetary policy, and state zoning and land-use laws that restricted the supply of housing. So, what has been accomplished over the past 10 years to rein in these policies? Unfortunately, very little.

  • The Financial Crisis 10 Years Later: Restrictions on Housing Supply Makes Matters Worse

    September 13, 2018

    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 unprecedented number of weak and risky mortgages, driven predominately by the government-sponsored enterprises, Fannie Mae and Freddie Mac. When many of these mortgage holders defaulted, the mortgage-backed securities held by financial institutions around the world also buckled, leading to the financial crisis.

  • The Financial Crisis 10 Years Later: Fannie and Freddie Fueled the Subprime Mortgage Bubble

    September 12, 2018

    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 responsibility. However, as detailed in Part I, for over a century, state and federal governments worked to racially segregate American neighborhoods, promoting homeownership for whites while denying it for African-Americans.

  • The Financial Crisis 10 Years Later: A Legacy of Racist Government Housing Policy

    September 11, 2018

    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 the most dramatic episodes of the financial crisis, the date September 15, 2008, will live in infamy as the world economy was brought to the brink of collapse.


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