The Financial Regulation Forum
consumer protection
Regulatory approaches to protecting customer funds for nonbank e-money issuers
Aug 29. The success of mobile money services has raised the question of how to regulate nonbanks—most notably mobile network operators, which are often well-placed to reach customers with affordable financial services due to their existing customer base, marketing capabilities, network of agents, physical distribution infrastructure, and experience with high-volume, low-value transactions.
Heading off the next financial crisis – protect consumers
In 1988, Congress created the Schumer box. Named for Senator Charles Schumer of New York, then a member of the House, the box became a required part of credit-card solicitations, listing the interest rate, the annual fee and other basic numbers. The box serves a useful purpose. Among other things, anyone who does not want [...]
Reform is in sight
“Structured chaos” is what Senator Chris Dodd quips he almost called the liquidation scheme in his new financial regulation bill. It could also describe the political process that forced him to have a second stab after his November draft ran afoul of Republican opposition. The result is, however, welcome: solid reform in the near future [...]
Plans for Fed link to CFPA draw fire
Democrats led by Barney Frank on Tuesday slammed a proposal to grant additional consumer protection powers to the Federal Reserve, as the latest idea designed to unlock talks in the Senate appeared destined for the scrap heap. Frank, chairman of the House financial services committee, described the plan as a “joke” in language that pits [...]
Dodd proposes consumer role for the Fed
The Federal Reserve would receive additional consumer protection responsibilities as part of a proposal circulated on Monday by Chris Dodd, the Senate banking committee chairman, in a surprising reversal of the central bank’s political fortunes. The new division, if approved, falls short of an independent Consumer Financial Protection Agency originally proposed by the Treasury. Designed [...]
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