April 23, 2019
Today, the Competitive Enterprise Institute led a coalition of eighteen free market organizations in support of the Consumer Financial Protection Bureau’s decision to rescind portions of the small-dollar loans rule, such as the “ability to repay” underwriting requirement.
April 18, 2019
Earlier this week, The New York Times Magazine rolled out another edition of the tired old trope of how former acting Director Mick Mulvaney “destroyed” the Consumer Financial Protection Bureau. This accusation is by no means new, and I have challenged it in the past.
April 12, 2019
In a market economy that is based on private property and the rule of law, the efficient and effective enforcement of contracts is indispensable. Without the ability to enforce the promises made between individuals and businesses, any form of transaction, especially credit products, would be harder and more expensive, if not impossible.
March 28, 2019
As my colleague Devin Watkins discussed earlier this month, a number of federal administrative agencies are refusing to correctly implement a crucial piece of regulatory reform known as the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018.
February 26, 2019
Everyone understands the need for access to credit. No matter how well we budget, we occasionally come up short due to an unexpected circumstance or expense—a car repair, a sick pet, a friend’s wedding. All kinds of things pop up and disrupt our financial plans, and this can be a real problem for millions of Americans. For example, a survey from the Federal Reserve recently found that 4 in 10 Americans would not have enough liquid savings to cover a $400 expense.
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.
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.
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.
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.
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.