Over the past decade, cost-benefit analysis in the field of financial regulation (“financial CBA”) has emerged as a topic of intense public interest. In reviewing rulemakings under the Administrative Procedure Act, courts have demanded greater rigor in the financial CBA that regulators...

The chapter reconceptualizes financial innovation. In this context, it discusses the risks of financial innovation and contemporary regulatory reforms addressing those risks. It provides a critique of contemporary reforms. Finally, it stresses the need for a new framework to regulate financial...

The recent financial crisis has led many to question how well businesses deliver consumer financial services and how well regulatory institutions address problems in consumer financial markets. In response, the Obama administration proposed a new agency to oversee consumer financial services,...

The 2020 Federal Deposit Insurance Corporation reopening of deposit insurance to industrial loan companies (“ILCs”) threatens to:¶ create risks to financial stability;¶ distort competition in commercial markets;¶ distort competition in banking markets and promote greater risk-taking;¶...

China's Peer-to-Peer (P2P) lending market now comprises a significant share of global markets in terms of transaction amounts, followed by the US and the UK. This huge market share was strongly driven by huge demand from the underserved borrowers and lenders in the Chinese financial market as...

One of the main goals of the Crowdfunding Regulation 2020/1503 (hereinafter: CR) is the protection of non-professional investors. In a similar vein, EU Consumer Law strives to achieve a high level of consumer protection in the EU Digital Single Market. This chapter delineates the...

By liquidity services, we mean in this paper the whole set of key activities which permit that the final holders of financial claims may switch to cash when needed while nevertheless providing stable long term financing to companies and households. Secondary securities markets, financial...

We analyze 15.6 million storefront payday loans made to 1.8 million unique borrowers in 2013 to examine payday loan terms and usage. We find that loan prices and loan amounts are generally not at state-mandated maximum levels. For the 30 states in our sample, we find that the number of loans per...

We study the effects of regulatory oversight by the Consumer Financial Protection Bureau (CFPB) on credit supply as well as bank risk-taking, growth, and operating costs. We use a difference-in-differences approach, making use of the fact that banks below a $10 billion size cutoff are exempt...