The Federal Financial Forum

From: RegBlog | Penn Program on Regulation

Grayson C. Weeks

America’s financial regulatory system developed piecemeal. Beginning just after the Civil War, Congress has added and subtracted agencies and departments in response to new crises and economic developments. A patchwork of regulatory oversight exists today; about a dozen regulatory bodies oversee U.S. markets through a fragmented regulatory system—one that also includes many non-governmental and international organizations that influence industry standards.

From: The National Law Journal

John Van De Weert and Maria Earley, The National Law Journal

Nearly five years have passed since the Consumer Financial Protection Bureau was created with a core mission of protecting consumers. In that time, the Office of Enforcement has played a prominent and aggressive role, bringing a number of highly publicized cases resulting in substantial settlements. Because of the CFPB’s broad powers and aggressive posture, and because institutions are justifiably concerned about litigating with their regulators, most cases have been settled rather than litigated. The CFPB’s public actions have effectively blurred the lines between enforcement and regulation by prompting industry change without the need for formal ­rulemaking.

Prepared by;

Ken G. Glozer

May 10, 2015

The Subsidies Mess!

The existing national energy policy is a gigantic mess of excessive and intertwined direct federal spending (DOE, USDA, DOI, FERC, NRC, etc) spending, federal credit (loans (RUS, DOE,USDA, EXIM Bank, etc) loan guarantees, implicit loan guarantees (TVA, et al), tax subsidies, and non competitive market federal regulations. The energy sector accounts for over 10% of the nation’s annual GDP and is absolutely critical to the future economic growth and stability of the US. None of the massive amount federal intervention for energy is needed nor is it economically productive—in fact it is counterproductive—a dead weight loss on the economy and by far the best example of out of control crony capitalism!

Editor’s Note: Cross-posted from OIRA Watch.

From: insideARM.com

Tim Bauer

It seems likely that the CFPB will follow the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA) and convene a Review Panel as the next step in the debt collection rulemaking process. However, as of this date the CFPB has not made any formal announcements about the formation of a SBREFA panel for debt collection.

Editor’s Note: For more information on the dangers of counterfeit products, see CRE’s paper Counterfeit Products, Genuine Harm: How Intellectual Property Theft Fuels Organized Crime While Undermining American Communities.

From: Associated Press via TribLive.com

SHANGHAI — Kim Sbarcea knew exactly what she wanted. She typed “Tiffany Elsa Peretti mesh earrings” into Google and chanced upon a pair of the $450 earrings for — deal of deals! — $32.

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In that instant, Sbarcea’s money was sucked from her house in Christchurch, New Zealand, into the global counterfeiting market, where Chinese banks have emerged as key conduits in an illegal industry estimated to be worth $1.8 trillion this year.