December 13, 2019
On Thursday, financial regulators released a long-awaited reform proposal which would make substantial changes to the implementation and enforcement of the Community Reinvestment Act (CRA). The plan by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), if implemented, would be the most significant update to low-income lending requirements for U.S. banks in a quarter-century.
November 19, 2019
The efforts of Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger have gone a long way in reversing egregious Obama-era actions that plagued the agency, helping to make it more transparent, accountable, and friendly to consumer choice. However, while these efforts should be applauded, there remains unfinished business that must be taken care of—chief among them the flawed lawsuit levied by the CFPB against the finance company Navient.
October 23, 2019
Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced that it will create a taskforce to “harmonize and modernize federal consumer financial laws.” The Taskforce on Federal Consumer Financial Law will report to the CFPB Director with recommendations to improve and strengthen the legal and regulatory regime surrounding consumer credit markets.
October 16, 2019
As she prepares to give her semi-annual testimony to Congress this week—on Wednesday to the House Financial Services Consumer Financial Protection Bureau and on Thursday to the Senate Banking Committee—Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger has much to be proud of. Since the Senate confirmed her in December 2018, Kraninger has worked diligently to make the CFPB more transparent, more accountable, and ultimately more consumer-friendly.
September 24, 2019
In The Wealth of Nations, Adam Smith coins the four maxims of taxation: fairness, certainty, convenience, and efficiency. Smith’s maxims are used as a litmus test amongst public finance economists when determining if a tax is “good” or “bad.” In the case of a financial transaction tax (FTT), such a notion is neither fair, certain, convenient, nor efficient—and therefore, bad public policy.
September 23, 2019
Debt collector seem to be the occupation everyone loves to hate, but without them businesses large and small—from banks to gyms to doctor’s offices—could not serve their customers with the assurance that their contracts would be enforced. That’s why the Competitive Enterprise Institute has again weighed in with the Consumer Financial Protection Bureau (CFPB), calling for debt collection rules that protect consumers from fraud and harassment, but don’t hinder debt collectors’ crucial function in keeping the credit market flowing.
September 11, 2019
Earlier this year, the Trump administration issued an executive memorandum directing the Department of the Treasury to “develop a plan for administrative and legislative reforms” of Fannie Mae and Freddie Mac—the two government-sponsored enterprises (GSEs) at the core of the 2008 housing crisis. Specifically, the memo emphasized that such proposed reforms should focus on “facilitating competition in the housing finance market.”
September 3, 2019
While the continued legalization of recreational and medicinal use of marijuana at the state level has undoubtedly been a win for liberty, there remains much work to do as to normalize the burgeoning marijuana industry in the broader legal and economic fabric of the nation.