The Exit Door Theory of Consumer Finance
Consumer protection often begins with a simple question: Can the consumer walk away? If the answer is no—because switching is hard, data are locked up, markets are fragmented, or new competitors cannot...
View ArticleNew 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...
View ArticleTermination Tuesday: A Quasi-Comprehensive, Quasi-Definitive Discussion of...
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...
View ArticleCFPB’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...
View ArticleThe 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...
View Article"So when you listen to economists, you're listening to amateurs"
So says David Zaring over at the Conglomerate — at least when it comes to the topic of regulation. I don’t buy it. Anyway, here’s the complete quote for context: Economists love to suggest new...
View ArticleThe 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...
View ArticleAntitrust 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...
View ArticleFour 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...
View ArticleFTC 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...
View ArticleFTC 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...
View ArticleCongressional Review Act Should Be Used to Strike Down Ill-Advised CFPB...
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...
View ArticleWhy the Federal Trade Commission (not the Consumer Financial Protection...
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...
View ArticleUnleashing 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...
View ArticleAn FCC ban on arbitration of privacy claims would be the...
Over the weekend, Senator Al Franken and FCC Commissioner Mignon Clyburn issued an impassioned statement calling for the FCC to thwart the use of mandatory arbitration clauses in ISPs’ consumer service...
View ArticleTime to Repeal the FTC’s Common Carrier Jurisdictional Exemption (Among Other...
Section 5(a)(2) of the Federal Trade Commission (FTC) Act authorizes the FTC to “prevent persons, partnerships, or corporations, except . . . common carriers subject to the Acts to regulate commerce ....
View ArticleThe Constitutionally-Challenged Consumer Financial Protection Bureau (CFPB)...
The Consumer Financial Protection Bureau (CFPB) is, to say the least, a controversial agency. As documented by such experts as Scalia Law School Professor Todd Zywicki, the CFPB imposes enormous costs...
View ArticleTime to Get Rid of the Consumer Financial Protection Bureau
In my Heritage Foundation Legal Memorandum published yesterday, I call for elimination of the Consumer Financial Protection Bureau (CFPB), on constitutional and economic policy grounds. As I explain:...
View ArticleTime to Apply Office of Management and Budget Regulatory Review to...
Last June, in Michigan v. EPA, the Supreme Court commendably recognized cost-benefit analysis as critical to any reasoned evaluation of regulatory proposals by federal agencies. (For more on the...
View ArticleWhat Would the Consumer Financial Protection Bureau Say About Healthcare.gov?
In yesterday’s hearings on the disastrous launch of the federal health insurance exchanges, contractors insisted that part of the problem was a last-minute specification from the government: the feds...
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