Decrying “regulation by enforcement” is in vogue these days, especially in the financial sector. The phrase has popped up in discussions about consumer finance protection (“regulation by enforcement certainly is pushing the envelope”), investment adviser disclosures (“regulating without rules”), securities offerings (“regulation by enforcement is such bad public policy”), and more. Even a U.S. senator… Read More »
Prudential supervision has always been a core principle of federal bank regulation since President Lincoln signed into law the National Bank Acts of 1863 and ’64. More than 150 years later, the rise of data analytics and a pendulum swing in favor of legal formalism appears to be driving a split in how supervision should… Read More »
Although the Supreme Court’s recent decision in Seila Law v. CFPB this week has settled one very large question — Are for cause removal protections for the unitary head of a regulatory agency constitutional? — it has raised many more. Below are three impacts on banking and finance regulation that Seila Law will have beyond… Read More »
Courtesy of Todd Phillips* This morning, the Federal Reserve announced it would begin open-ended quantitative easing, offering to buy “Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy.” This expands on its announcement last week that it’d buy up to $700 billion worth… Read More »
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