Banking

The word ‘fintech’ is a contrast of two halves

Sir, Your instructive report “Online lenders count cost of push for growth” (Dec. 15) recounts their rising defaults and credit losses. This points out the contrast between the …

R Street’s Pollock on jumpstart legislation, capital reserves for SIFIs

The podcast summarizes how to have realistic, fundamental reform of Fannie Mae and Freddie Mac. This requires having them pay a fair price for the de facto guarantee …

AEI Event: Is the Bank Holding Company Act obsolete

Most of America's 4969 are owned by holding companies, so the Bank Holding Company Act of 1956 is a key banking law. But do the prescriptions of six …

If the rules are right, digital microlending could play role in subprime market

Well-functioning credit markets are essential tools for many people in times of personal economic instability or emergency. Unfortunately, some prospective borrowers with subpar credit ratings and credit histories …

How big a bank is too big to fail?

The notion of “too big to fail”—an idea that would play a starring role in banking debates from then to now—was introduced by then-Comptroller of the Currency Todd …

CFPB’s recent rule shows everything that’s wrong with Washington

The following op-ed was co-authored by Rafael A. Mangual, who manages legal policy projects at the Manhattan Institute for Policy Research. The Consumer Financial Protection Bureau earlier this month finalized …

Unintended consequences of Military Lending Act hurt some families

Congress originally passed the Military Lending Act in response to scandalous stories of predatory payday lenders who would set up shop around military bases and charge our servicemen …

Glass-Steagall never saved our financial system, so why revive it?

The Banking Act of 1933 was passed in an environment of crisis. In March of that year, all of the nation’s financial institutions were closed in the so-called …

Even without Durbin Amendment repeal, Congress should pass the CHOICE Act

The following post was co-authored by R Street Outreach Manager Clark Packard. House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has done the yeoman’s work of putting together a …

Make the CFPB accountable by increasing presidential power

The Consumer Financial Protection Bureau—the brainchild of then-Harvard law professor Elizabeth Warren  created in the wake of the 2008 financial crisis as part of the Dodd-Frank Act—may finally …

The Fed must be held accountable and the CHOICE Act will make it so

This week, the House Financial Services Committee passed Chairman Jeb Hensarling’s Financial CHOICE Act. Most of the public discussion of this bill is about its changes in banking regulations, …

Dodd-Frank reform must include repealing the Durbin amendment

Many of us know what a "seven-year itch" is. Between the famous Marilyn Monroe movie of the 1950s and the legendary Roseanne Cash song of the 1980s, it …

R Street scholar says CHOICE Act represents win for transparency, economic growth

WASHINGTON (April 26, 2017) – The Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act, better known as the Financial CHOICE Act, would represent major progress for …

CHOICE Act would be major progress for financial system

Mr. Chairman, Ranking Member Waters and members of the committee, thank you for the opportunity to be here today. I am Alex Pollock, a senior fellow at the …

It’s time to kill the Durbin amendment

After six years of unfulfilled promises, it's time the Durbin amendment finally was repealed. A last-minute addition to the Dodd-Frank Act—itself a political overreaction to the financial crisis …

Murphy’s Law and a banking career

Murphy’s law is well-known in the form: "Whatever can go wrong, will go wrong" and similar variations on the theme. But the intellectually interesting substance of Murphy’s law …

Pollock before Oversight Subcommittee

Here's more from R Street Distinguished Senior Fellow Alex Pollock's testimony before the House Committee on Financial Services on the arbitrary and inconsistent non-bank SIFI designation process. https://youtu.be/hi6TnZ1kviw …

Alex Pollock Testimony: FSOC must fix process to designate systemically important nonbanks

The Financial Stability Oversight Council's process for identifying systemically important nonbank financial institutions is beset by politically influenced assumptions and inconsistent analytical processes, R Street Distinguished Senior Fellow …

A flawed process generated by a flawed structure

Testimony to the Subcommittee on Oversight and Investigations U.S. House Committee on Financial Services Madam Chairman, Ranking Member Green and members of the Subcommittee, thank you for the opportunity to …

U.S. banks’ real estate boom could be signaling next crisis

Excessive real estate credit is the most common cause of banking booms, busts and collapses, throughout history, right up through the most recent financial crisis and around the …

What is the actual collateral for a mortgage loan?

“Economics and finance are like going to the dog races,” my friend Desmond Lachman of the American Enterprise Institute is fond of saying. “Stand in the same place and …

George Kaufman: 57 years of banking changes and ideas

57 Years of Banking Changes and Ideas Remarks at the Dinner in Honor of Professor George Kaufman’s Retirement Nov. 17, 2016 It is a great pleasure to be able to add …

SmarterSafer comments on private flood insurance standards

SmarterSafer is pleased to submit this letter of comment on the Office of the Comptroller of the Currency’s joint notice of proposed rulemaking on Loans in Areas Having …

‘Fin’ versus ‘tech’ in fintech

Financial technology – or "fintech," in the modern parlance – may be seen as trendy, but computing technology has strongly influenced banking and finance for decades. Its effects …

Happy birthday, TARP!

Today, Oct. 3, is the eighth anniversary of congressional passage of the act that created the famous or notorious $700 billion bank bailout program in the midst of …

Taking on Leviathan

Thomas Hobbes (1588-1679), the great philosopher of the authoritarian state, in a famous metaphor portrayed the government as a dominating giant or Leviathan, animated by absolute sovereignty, and …

‘Commercial’ bank is misnomer. ‘Real estate’ bank is more apt

Comparing banking in the 1950s to today, we find giant changes that surely would have astonished the bankers of that earlier time. What's the biggest and most important …

When is the next financial crisis due?

House prices, commercial real estate prices, stock prices and bond prices are all very high. Remarkable asset-price inflations have been induced by the low, zero or negative interest-rates …

Pollock testifies on CHOICE Act before House Financial Services

R Street Distinguished Senior Fellow Alex J. Pollock testified July 12, 2016 before the House Financial Services Committee about the CHOICE Act, legislation that proposes to loosen regulatory …

Testimony to House Financial Services Committee on the CHOICE Act

Mr. Chairman, Ranking Member Waters and members of the committee, thank you for the opportunity to be here today. I am Alex Pollock, a senior fellow at the …

Mismatch has led us into trouble many times before

Financial events cycle and financial ideas cycle. Here the United Kingdom is again, with real estate generating financial stress. As Patrick Jenkins rightly points out (“Open-ended property funds …

The perfect antidote to Dodd-Frank

To overhaul the Dodd-Frank Act, here is a radical and really good idea from House Financial Services Committee Chairman Jeb Hensarling, R-Texas. The Financial CHOICE Act, Hensarling's bill, says to …

Where is OCC in court battle over state usury limits?

The following op-ed was co-authored by William M. Isaac, senior managing director and global head of financial institutions at FTI Consulting. A surprising decision of the Second Circuit Court of …

Credit union lending bill would help small firms

(This piece was co-authored with John Arensmeyer, chief executive officer of the Small Business Majority.) A look at the numbers makes it clear that America's economy relies on small …

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