GOP Targets CFPB Arbitration, Small Business Lending Actions
Sen. Cotton (R-AR) today began the process under the Congressional Review Act to override the CFPB’s arbitration rule, a process that faces numerous procedural obstacles as evident earlier this year when Republicans proved unable to deploy it to roll back the prepaid card regulation.
Fed Study: Durbin Amendment Has Regressive Impact
In this alert, we analyze a recent FRB working paper finding that implementation of the Durbin Amendment (see FSM Report INTERCHANGE7) unintentionally raised the cost of checking accounts.
IMF Paper Presses Central-Bank Securities Market Backstops
A new working paper from IMF staff contends that emergency central bank support to securities markets should only be offered as a last resort under three conditions:to safeguard the flow of credit, to avert fire sales, or to support the transmission of monetary policy.