Showing archive for: “CFPB”
New Financial Regulatory Reforms Could Spur the Economy
Strong and vibrant financial markets are key to a thriving American economy. Rising regulatory costs, however, pose a burgeoning threat to financial-market efficiency. Recent executive-agency initiatives to harmonize federal government oversight of U.S. financial markets and to reform existing regulatory programs are notable. A new push to eliminate anticompetitive federal financial rules could yield further ... New Financial Regulatory Reforms Could Spur the Economy
Termination Tuesday: A Quasi-Comprehensive, Quasi-Definitive Discussion of the FTC and Humphrey’s Executor
Author’s Note: Sometimes “quasi” means “sort of” or, as Merriam-Webster’s would have it, “having some resemblance usually by possession of certain attributes.” And sometimes, “some resemblance” means “not very much.” On March 18, President Donald Trump fired—or purported to fire—the two Democratic members of the Federal Trade Commission (FTC): Alvaro Bedoya and Rebecca Slaughter. Bedoya ... Termination Tuesday: A Quasi-Comprehensive, Quasi-Definitive Discussion of the FTC and Humphrey’s Executor
CFPB’s Overdraft Fee Price Controls Would Be Counterproductive
The Consumer Financial Protection Bureau (CFPB) announced a final rule last week to impose price controls and onerous disclosure rules on overdraft fees charged by those banks and credit unions with assets of more than $10 billion. At first glance, such interventions might seem like a win for consumers, particularly those with low incomes who ... CFPB’s Overdraft Fee Price Controls Would Be Counterproductive
The CFPB’s Misleading Slant on Competition in Credit-Card Markets
In yet another example of interagency cheerleading from the Federal Trade Commission (FTC), Chair Lina Khan recently touted the work of the Consumer Financial Protection Bureau (CFPB) on payments networks: New @CFPB research reveals that large banks are offering worse credit card terms & interest rates than small banks and credit unions, regardless of credit ... The CFPB’s Misleading Slant on Competition in Credit-Card Markets
The Biden Executive Order on AI: A Recipe for Anticompetitive Overregulation
The Biden administration’s Oct. 30 “Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence” proposes to “govern… the development and use of AI safely and responsibly” by “advancing a coordinated, Federal Government-wide approach to doing so.” (Emphasis added.) This “all-of-government approach,” which echoes the all-of-government approach of the 2021 “Executive ... The Biden Executive Order on AI: A Recipe for Anticompetitive Overregulation
Antitrust at the Agencies Roundup: The Cat’s Tuches of Summer Edition
I had thought we were in the dog days of summer, but the Farmer’s Almanac tells me that I was wrong about that. It turns out that the phrase refers to certain specific dates on the calendar, not just to the hot and steamy days that descend on the nation’s capital in . . . ... Antitrust at the Agencies Roundup: The Cat’s Tuches of Summer Edition
Four Horsemen of the Bureaucratic Apocalypse Come for AI
Four prominent horsemen of the Biden administration’s bureaucratic apocalypse—the Federal Trade Commission (FTC), U.S. Justice Department (DOJ) Civil Rights Division (DOJ), Consumer Financial Protection Bureau (CFPB), and the U.S. Equal Employment Opportunity Commission (EEOC)—came together April 25 to issue a joint statement pledging vigorous enforcement against illegal activity perpetrated through the use of artificial intelligence ... Four Horsemen of the Bureaucratic Apocalypse Come for AI
FTC UMC Roundup – Independence Day Week Edition
Happy Independence Day Week! Having started off with the holiday, this has been a relatively slow week on the antitrust front in the United States. But never fear, Europe is here to help fill out the weekly news roundup. And, even on a slow week there is plenty in the news domestically. Perhaps more important: ... FTC UMC Roundup – Independence Day Week Edition
FTC UMC Roundup – OT22 Edition
Fireworks came a bit early this year. Between the Supreme Court’s end-of-term decisions and this week’s January 6th Committee hearings, it wasn’t a week with much antitrust news coming out of either the FTC or Congress. But the Supreme Court’s made sure to keep things exciting: the opinion in West Virginia v. EPA case will ... FTC UMC Roundup – OT22 Edition
Congressional Review Act Should Be Used to Strike Down Ill-Advised CFPB Arbitration Rule
On July 10, the Consumer Financial Protection Bureau (CFPB) announced a new rule to ban financial service providers, such as banks or credit card companies, from using mandatory arbitration clauses to deny consumers the opportunity to participate in a class action (“Arbitration Rule”). The Arbitration Rule’s summary explains: First, the final rule prohibits covered providers ... Congressional Review Act Should Be Used to Strike Down Ill-Advised CFPB Arbitration Rule
Why the Federal Trade Commission (not the Consumer Financial Protection Bureau) Should Oversee Consumer Protection in Financial Markets
On February 28, the Heritage Foundation released Prosperity Unleashed: Smarter Financial Regulation, a Report that lays bare the heavy and unnecessary burdens imposed on our economy by defective financial regulations, and proposed market-oriented regulatory reforms that would benefit American producers, consumers, and the overall economy. In a recent Truth on the Market blog commentary, I ... Why the Federal Trade Commission (not the Consumer Financial Protection Bureau) Should Oversee Consumer Protection in Financial Markets
Unleashing Prosperity through Smarter Financial Regulation
On February 28, the Heritage Foundation issued a volume of essays by leading scholars on the law and economics of financial services regulatory reform entitled Prosperity Unleashed: Smarter Financial Regulation. This Report, which is well worth a read (in particular, by incoming Trump Administration officials and Members of Congress), is available online. The Report’s 23 ... Unleashing Prosperity through Smarter Financial Regulation
