“My most important piece of advice to all you would-be writers: when you write, try to leave out all the parts readers skip.”
- Elmore Leonard
The supply of commentary on the Consumer Financial Protection Bureau’s (CFPB) creation far exceeds its demand. This has to do not only with its implications on the way financial firms operate, but the heated discussions that usually arise when talking about any new governmental body. Political or professional reactions aside, we can all agree that, factually, the CFPB exists.
Presumably under that realization academic stalwarts John Y. Campbell, Howell E. Jackson, Brigitte C. Madrian, and Peter Tufano (former Filene Research Institute fellow) wrote an open letter to the new director of the CFPB to give advice on how the bureau should approach financial regulation. The letter, published in the July edition of the Harvard Business Review, maps out when intervention makes sense, how the director should prioritize initiatives, select appropriate policy responses, and manage the new organization.
As omnipresent as advice for the CFPB must be, it would still be hard for the bureau to ignore this letter. The same goes for all of us.
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