Amazon and PayPal have both announced aggressive efforts to persuade developers to use their payment technologies. Each of them has opened up a gateway into their payment platforms. They are providing developers with tools for writing applications that use their payment technologies. And they are...
I recently testified before the House Committee on Financial Services on the “The Credit Card Interchange Fees Act of 2009” sponsored by Representative Welch. The Act would allow merchants to impose surcharges on cards, prevent card networks broadly defined from charging higher interchange fees for...
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David S. Evans (University College London; University of Chicago Law School) and Joshua D. Wright (George Mason University School of Law) argue that the CFPA Act would harm the economy in the long run but more importantly it would impose yet another lead weight on...
Unemployment will be over 10 percent soon, the economy remains fragile, and despite bursts of optimism the recovery looks like it is going to be long and slow. Weighing down on the economy is the fact that many consumers and small business owners are having...
The creation of a new Consumer Financial Protection Agency (“CFPA”) is a very bad idea and should be rejected. The proposal is not salvageable and cannot be improved in substance or in form. The proposal is premised on a fundamental misunderstanding of the causes of...
The United States is in the midst of an important debate about how best to protect consumers of financial services and products. The Administration has proposed the creation of a new agency, the Consumer Financial Protection Agency (CFPA), which would have exclusive rulemaking authority and...
From the perspective of local regulation and local law enforcement, the idea of a “new and improved” federal financial products regulator is generally met with skepticism. After all, the mission of consumer protection in the realm of financial products has been one in which state...
Summary The proposal to create a new agency to police consumer financial products has been the subject of much debate Dr. Bar-Gill sorts out and evaluates the different critiques levied against the proposed CFPA Act, in light of the underlying case for a new agency...