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Could the CFPB stifle financial innovation?

first_imgAnyone who doubts the answer to this question is “yes” should take a look at this speech delivered by Director Richard Cordray before the Clearing House this past November.He used the speech not only to criticize existing payment processes, but to admonish the assembled bankers that, as they develop a faster payments system, “it is essential that the interests of consumers remain at the top of your minds.” Then, apparently having channeled the needs of all consumers, he went on to list five principles that should be incorporated into any system that is truly consumer friendly. His five criteria were sensible enough; but reading the transcript still left a bad taste in my mouth.I’m all for the CFPB monitoring the marketplace to make sure consumer products aren’t deceptive. Yet, when a Government official comes out with design specifications and inserts himself into what is essentially a product development process, he is taking things a bit too far. Could you imagine the uproar if the Secretary of Commerce gave a speech to Apple about how it should design the forthcoming Apple-Watch? Since when did Government know better than the marketplace what consumers want and how much those desires should be balanced against competing concerns like cost and efficiency.CFPBphiles argue that bad consumer products are no different than bad toasters. They have no place in the marketplace. If only the CFPB had been around, they argue, it could have prevented the Mortgage Meltdown.Really? The concept of consumer protection comes coupled with a dangerously naïve assumption that financial products can be classified as “good” or “bad.” But unlike a defective toaster, the same exact mortgage product – or electronic payment system for that matter – can be great for some members and lousy for others. A young couple with two steady and growing incomes might be a perfect candidate for an FHA mortgage loan with virtually no money down. A self-employed consultant who hasn’t had a steady income since being laid off five years ago probably isn’t. A recently divorced mom temporarily downsizing while she gets her feet on the ground might be a great candidate for a mortgage that adjusts after five years. Our hapless consultant? Probably not.Does this mean that the CFPB has no role in regulating? Of course not. It’s vital that the marketplace communicate accurately and that businesses are held accountable for their mistakes. For example, by mandating that lenders be able to prove why they think borrowers have the ability to repay a mortgage loan, Congress and the CFPB established a framework for holding lenders accountable without denying them flexibility to treat members as individuals. Similarly, better disclosures, like clear contracts, are ultimately in everyone’s interest.The line I don’t want to see crossed between monitoring and correcting mistakes as opposed to managing the development of financial products is impossible to define in statute. The best way to achieve this goal is by vesting the CFPB Director’s powers in an appointed Board. It would slow down the regulatory process and insure that one person can’t dominate the development and implementation of consumer products and services.Imagine how much worse the Risk Based Capital reform proposal would be if Debbie Matz didn’t have to convince at least one other skeptical board member of its merits. Than ask yourself: Should one person, no matter how well intended, have the power to dictate the conditions under which every financial product and service will be offered to the public? 14SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Henry Meier As General Counsel for the New York Credit Union Association, Henry is actively involved in all legislative, regulatory and legal issues impacting New York credit unions. Whether he’s joining … Web: www.nycua.org Detailslast_img read more

Defending champions sent packing on thrilling opening night

first_imgA FULL house on Friday night witnessed an action-packed opening night of the Guinness ‘Greatest of the Streets’ Bartica Championship, as defending champions Disconnection Crew were sent packing by newcomers, Walking Boys, at the Bartica Community Centre tarmac.In a game full of end-to-end action from the first whistle to the last, the debutants defeated the favourites 1-0 on sudden-death penalty kicks, after regulation time ended with neither side hitting the back of the net.Prior to opening night, Disconnection Crew were widely regarded by many as heavy favourites to retain their title.Meanwhile, 2017 champions, Rivers View, survived a similar fate against debutants Man City. The inaugural winners of the event thrilled the crowd as they came from behind to defeat their opponents by a 2-1 scoreline.A Guinness Goal (GG) (a goal scored in the final two minutes counts as two) in the 19th minute secured the victory for the highly-rated outfit.In other highly entertaining matches, Potato United, Mighty Ruler, Prison Officers, Beacons, Police and Goal-Raiders secured berths in the group stage with contrasting wins.Potato United took apart Potaro Strikers 5-1 in their ‘Derby’ matchup to the delight of their fans.Meanwhile, Mighty Ruler trumped Itaballi 3-1, while Prison Officers halted Falmouth in an identical scoreline.Police arrested Jones Avenue 2-0 while Beacons needled Almanac Kings and Goal-Raiders sneaked past Ballers 1-0.Up to press time last evening, the group stage round was underway at the same venue.The top two finishers from each pool will process to the semi-final round scheduled for today. The grand final will also be staged today at the same venue.Winner of the zone will collect $400 000 and the respective trophy. They will also earn an automatic place in the National Championship, which is set to kick off in August. Meanwhile, the losing finalists will receive $150 000 and a trophy.On the other hand, the third- and fourth-place finishers pocket $100 000 and $75 000 respectively and the corresponding accolade. The victors of the Guinness Plate Championship will receive $60 000.The other major sponsor of the event is Colours Boutique. In attendance at the venue was Banks DIH Limited Outdoor Events Manager and former national player Mortimer Stewart.last_img read more

Dodgers walk the Padres off the field on Max Muncy’s double

first_imgPreviousSan Diego Padres starting pitcher Chris Paddack throws to the plate during the first inning of a baseball game against the Los Angeles Dodgers, Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers’ Corey Seager, bottom center, scores the winning run on a walkoff double by Max Muncy as San Diego Padres catcher Francisco Mejia, top center, makes a late tag during the ninth inning of a baseball game Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers’ Max Muncy, second from right, is swarmed by teammates after hitting a walkoff double during the ninth inning of a baseball game against the San Diego Padre,s Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill) SoundThe gallery will resume insecondsLos Angeles Dodgers’ Corey Seager (5) and Max Muncy (13) congratulate each other after Seager scored the winning run on a walkoff double by Muncy during the ninth inning of a baseball game against the San Diego Padres, Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers’ Max Muncy, right, hits a walkoff double as San Diego Padres catcher Francisco Mejia watches during the ninth inning of a baseball game Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers’ Corey Seager, right, scores the winning run on a walkoff double by Max Muncy as San Diego Padres catcher Francisco Mejia makes a late tag during the ninth inning of a baseball game Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers manager Dave Roberts, left, walks out to take starting pitcher Kenta Maeda, of Japan, out of the game during the third inning of a baseball game against the San Diego Padres Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers starting pitcher Kenta Maeda, left, of Japan, smiles as he walks from the bullpen to the dugout with catcher Russell Martin prior to a baseball game against the San Diego Padres, Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers’ Russell Martin, left, hits a two-run home run during the second inning of a baseball game against the San Diego Padres Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers catcher Russell Martin takes a drink after putting ice on his head prior to a baseball game against the San Diego Padres, Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)San Diego Padres’ Eric Hosmer hits a grand slam during the third inning of a baseball game against the Los Angeles Dodgers. Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)San Diego Padres’ Eric Hosmer, left, runs toward first after hitting a grand slam while Chris Paddack, back right, scores during the third inning of a baseball game against the Los Angeles Dodgers, Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)San Diego Padres starting pitcher Chris Paddack gets set to pitch during the second inning of a baseball game against the Los Angeles Dodgers Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers starting pitcher Kenta Maeda, of Japan, gets set to pitch during the first inning of a baseball game against the San Diego Padres, Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)San Diego Padres’ Eric Hosmer, center right, celebrates his grand slam with Hunter Renfroe, center left, as Los Angeles Dodgers catcher Russell Martin stands at the plate during the third inning of a baseball game Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)San Diego Padres’ Eric Hosmer celebrates his grand slam in the dugout during the third inning of a baseball game against the Los Angeles Dodgers Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)San Diego Padres’ Eric Hosmer, left, rounds first after hitting a grand slam as Los Angeles Dodgers starting pitcher Kenta Maeda, of Japan, reacts in the background during the third inning of a baseball game Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers starting pitcher Kenta Maeda, of Japan, throws to the plate during the first inning of a baseball game against the San Diego Padres, Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers starting pitcher Kenta Maeda, of Japan, throws to the plate during the first inning of a baseball game against the San Diego Padres, Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)San Diego Padres starting pitcher Chris Paddack throws to the plate during the first inning of a baseball game against the Los Angeles Dodgers, Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers’ Corey Seager, bottom center, scores the winning run on a walkoff double by Max Muncy as San Diego Padres catcher Francisco Mejia, top center, makes a late tag during the ninth inning of a baseball game Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)NextShow Caption1 of 19Los Angeles Dodgers’ Corey Seager, bottom center, scores the winning run on a walkoff double by Max Muncy as San Diego Padres catcher Francisco Mejia, top center, makes a late tag during the ninth inning of a baseball game Sunday, Aug. 4, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)ExpandLOS ANGELES – The Dodgers needed 3 hours and 54 minutes to complete nine innings of baseball Sunday. Most of that wasn’t consumed by Max Muncy’s final at-bat against Padres closer Kirby Yates. It just felt like it.Muncy put an exclamation mark on an eight-pitch duel with Yates by hitting a double into the right-field corner. Two runs scored, and the Dodgers beat the Padres 11-10 before an announced crowd of 44,110.“We have a lot of confidence,” said Muncy, who finished 4 for 5 with two doubles and a home run – a triple short of the cycle. “That’s just kind of the makeup of this team. We know that we’re always in it no matter what the score is. We definitely showed that today.”The Dodgers trailed by scores of 6-3 and 10-7. They scored twice in the eighth inning and twice in the ninth. The Padres were 44-1 when leading after eight innings prior to Sunday. The stunning reversal allowed the Dodgers (74-40) to take three of four games in the intradivision series against San Diego (51-60). A.J. Pollock went 2 for 3 with a homer and a double of his own. Russell Martin clubbed his fourth home run, and his first at Dodger Stadium since 2014.For Muncy, it was the first time he ended a regular season game with the game-winning hit. After getting ahead of Muncy 1-and-2, Yates wasted a fastball inside, then missed high with a split-fingered fastball. He and catcher Francisco Mejia took their time before committing to one splitter, then another. Muncy fouled both pitches off.Muncy had successfully navigated Yates’ diving splitter and unorthodox right-handed arm slot. Finally, Yates threw a heater and missed badly – grooving it just above Muncy’s knees, down the center of the strike zone.“I think that he was getting a little frustrated back there with the catcher,” Roberts said of Yates. “Today just didn’t seem like Yates – we’ve seen him dominant, had a tremendous year – but just didn’t  seem as sharp, and just have the command that he typically does. As the at-bat gets deeper, the advantage certainly goes to the hitter.”Trailing 10-7 against flamethrower Andres Muñoz in the eighth inning, the Dodgers rallied for a pair of runs. Corey Seager walked and scored on a double by Pollock. Muncy singled and scored on a groundout by Matt Beaty. Down 10-9, Pollock attempted to score from third base when Justin Turner hit a ground ball into a drawn-in infield, but he was thrown out at home plate. The inning finally ended when pinch hitter Will Smith lined out to shortstop Fernando Tatis Jr., stranding two runners on base.In the ninth inning, Joc Pederson greeted Yates with a double into the right-field corner, ending a personal 0-for-24 slump. However, Pederson was thrown out by Hosmer, the Padres’ first baseman, trying to advance to third on a ground ball.With one out, Padres second baseman Luis Urías committed a costly error when he muffed a routine grounder. Seager was safe at first base, and Alex Verdugo went to second.That set the stage for Muncy’s double, and the Dodgers’ ninth walk-off victory this season.“He has a great way of staying in the strike zone,” Roberts said of Muncy. “Corey, first to third, scoring right there, that was big.”Pedro Baez (6-2) was credited with the win after throwing a scoreless ninth inning.Dodgers starter Kenta Maeda exited the game after allowing five runs in 2 ⅔ innings. It was the earliest Roberts has removed Maeda from a start for reasons besides an injury or a rain delay since April 2018. Most of the damage came on a grand slam by Hosmer in the third inning.Julio Urías pitched two scoreless innings in relief of Maeda before running into trouble in the seventh. Tatis tapped a soft comebacker to Urías’ right, but the pitcher couldn’t field the ball cleanly and wound up throwing wide of first base. Tatis was safe on the error.Tatis ultimately scored one of the Padres’ two runs in the inning. San Diego scored twice more in the eighth against right-hander JT Chargois, pushing their lead to 10-7.The Dodgers took a 3-0 lead in the second inning on the home runs by Muncy and Martin, the latter a two-run blast. After Manuel Margot hit a home run against Yimi Garcia to give the Padres a 6-3 lead, the Dodgers tied the game with three runs in the bottom of the fourth inning.Muncy led off with a double against Padres starter Chris Paddack, who then hit Pollock with a fastball. Beaty chopped a ground ball to third baseman Manny Machado. When the ball glanced off Machado’s glove and into left field, Muncy scored from second and Beaty wound up on second base with a double.Down 6-4, Kristopher Negron roped a single into left field. Beaty and Pollock scored standing up, and the game was tied 6-6.In the sixth inning, Pollock hit a solo home run against Craig Stammen to give the Dodgers a 7-6 lead. Pollock started in center field after missing the two previous games with a groin injury.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more