Financial Services Column

Banking on Competition – David S. Evans (GlobalEcon/UChicago) Seven Principles for Reforming Financial Benchmarks – David S. Evans (GlobalEcon/UChicago) and Rosa Abrantes-Metz (NYU Stern School of Business) Did the D.C. Circuit Gut the CFPB? – David S. Evans (GlobalEcon/UChicago) Regulatory Interventions Involving Depository Accounts: Pressing on the Balloon – David S. Evans (GlobalEcon/UChicago) Getting ready […]

How to Fix the Libor

How to Fix the Libor

Rosa Abrantes-Metz, David Evans, Jul 01, 2012 One couldn’t ask for better proof that antitrust has an important role to play in financial markets than the recent LIBOR controversy and that is the subject of the inaugural edition of the CPI’s Financial Services column.  Of course, the financial services industry is huge by many measures. […]

Will Wheatley’s Recommendations Fix the LIBOR?

Will Wheatley’s Recommendations Fix the LIBOR?

Rosa Abrantes-Metz, David Evans, Aug 01, 2012 Last Friday, Martin Wheatley, the incoming chief executive of the Financial Conduct Authority, issued his final recommendations on how to fix the LIBOR — the scandal-ridden rate set by the British Banking Association based on submissions from a small group of large banks. Many of the recommendations are in line […]

CFPB Enforcement, A Cautionary Tale

CFPB Enforcement, A Cautionary Tale

Brian Smith, Nov 10, 2012 Since it’s creation, the CFPB has been clearly announcing its range of regulatory authority and enforcement intentions. Nonetheless, many in the industry seem to have been taken by surprise in the last few months when the CFPB announced its investigations of, and then settlements reached with, leading card issuers. Perhaps, […]

The pitfalls of regulating retail banking overdraft charges

Hans Zenger, Dec 10, 2012 In recent years, regulators in the UK, Germany and elsewhere in Europe have increasingly voiced concerns over high borrowing costs on consumer current accounts resulting from overdrafts. Interest rates regularly exceed 10% and are sometimes considerably larger than banks’ costs of funds. The UK Office of Fair Trading (OFT), in […]

Getting ready for a CFPB examination: Lessons from the recent orders

Brian Smith, Dec 10, 2012 On October 13, 2011, the Consumer Financial Protection Bureau (“CFPB”) published its Supervision and Examination Manual in furtherance of the responsibility given that agency by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB now has responsibility for the supervision and examination for compliance with a vast array […]

Regulatory Interventions Involving Depository Accounts: Pressing on the Balloon

David Evans, Jan 23, 2013 The checking account—aka demand depository account or current account—is one of the most common financial services products. In developed countries almost every household has one of these. Banks provide a plethora of services through these accounts, which enable people to manage their household finances including paying for the sundries of […]

Banking on Competition

David Evans, Apr 05, 2013 (Click here for a PDF version of the article.) Financial services innovations are popping up all around the world. They range from mobile money services like mPesa that are putting basic banking services in the hands of households who never had them, to virtual currencies such as Bitcoin that are […]