The situation reveals that sometimes, even arsonists need the building they’re burning down to stay upright.
Dodd-Frank
Posted inEconomic Policy
Bessent Gives Musk a Present, Stalling CFPB Oversight of Big Tech
A hastily added second order from the Consumer Financial Protection Bureau’s acting director halts the agency from supervising non-bank firms like X.
Posted inMoney, Politics, and Power
Elon Musk and Friends Propose Defunding the Fraud Police
Some tech billionaires hate the CFPB, which protects Americans from scams and abuse. Why?
Posted inTAP
Move Your Money
Today on TAP: The CFPB initiates a new ‘open banking’ rule that will make it less of a hassle to switch financial institutions.
Posted inEconomic Policy
Collapsing Mortgage Securities. Broken Processes. No Accountability. Sound Familiar?
Faulty credit ratings were a cause of the 2008 crisis. One whistleblower complaint argues that the same dynamic is happening again.
Posted inEconomic Policy
Democrats Ask Biden Financial Regulator to Reverse Industry-Friendly Derivatives Policy
Three Agriculture Committee senators want Rostin Behnam to drop a new rule that would grant exemptions on swap trades.
Posted inEconomic Policy
How Banks Keep You Trapped
Financial institutions are doing everything they can to prevent consumers from shopping around for better banking options. A new federal rule attempts to change that.
Posted inEconomic Policy
Saving Vulnerable Banking Customers Billions
The CFPB’s new guidance says that customers cannot be charged for obtaining basic information about their accounts.
Posted inLaw and Justice
Supreme Court Seems Hesitant to Toss Out the CFPB
Oral arguments today saw the justices skeptical that the Constitution doesn’t allow Congress to fund the CFPB in a particular fashion.
Posted inEconomic Policy
The Failure of Dodd-Frank
‘Too big to fail’ is more pervasive and regulation more captured than ever. What went wrong?