Introducing limits on federally guaranteed loans to graduate students, instead of letting them borrow whatever schools charge, would create a multibillion-dollar opportunity for private lenders.
Partnerships with financial technology companies could be effective in helping banks meet small-dollar credit demand, but those partnerships face a legal cloud. Thankfully Congress is considering adding needed clarity.
Richard Cordray took a big gamble in his final act as head of the Consumer Financial Protection Bureau, attempting to appoint his own interim successor. He lost Tuesday, but he was far from the only one.
Richard Cordray took a big gamble in his final act as head of the Consumer Financial Protection Bureau, attempting to appoint his own interim successor. He lost Tuesday, but he was far from the only one.
District Judge Timothy J. Kelly ruled Tuesday that Office of Management and Budget Director Mick Mulvaney was the legal interim head of the Consumer Financial Protection Bureau, denying a request by Deputy Director Leandra English to block the appointment.
In his nomination hearing, Jerome Powell was quick to assure Republican senators of his regulatory relief credentials. But Democrats still fear that he and other Trump appointees might upend the Dodd-Frank Act.
OMB Director Mick Mulvaney said he would "fix" the CFPB by ensuring it protected consumers without cutting off access to financial services. His comments came as a federal judge declined to rule yet on the legality of Mulvaney's appointment.
The most important policy question facing banking, brokers and insurance companies is putting a framework in place that very quickly defines data ownership rights across the financial value chain.
