Hark. Do you hear it? That sound of ringing bells coming from the nation’s capital as we enter the holiday season? Is it Salvation Army Santas taking to the street corners? Church campaniles playing “Carol of the Bells?” Or maybe angels getting their wings a la the Christmas classic It’s a Wonderful Life?
It’s tough being a regulator. Regulate “too much” and confront a chorus of critics who say you are constraining the public’s ability to borrow money. Regulate “too little” and you face attacks for letting irresponsible lenders make abusive loans to vulnerable borrowers.