Case Studies


  • Charts of the Month: SPACs, ERCOT, Medicare Advantage Reform, and CA Clean Energy Capstone’s Charts of the Month highlight regulatory, legislative, and policy-driven developments that investors should be paying attention to. All graphics were recently published in Capstone research.For more information on any issue, contact this edition: 1. SPACs: SEC Scrutiny Unlikely to Undermine Market; No Momentum for Impactful Legislation2. California’s Vision for 100% Clean Energy Will […]Learn More
  • Biden’s Housing Agenda: Affordability and Equity April 1, 2021 – Perhaps nowhere is a “K-shaped” recovery as apparent as in the housing market. Those who could comfortably afford homeownership prior to the COVID-19 pandemic have benefited from significant house price appreciation. But for the millions of Americans who were already cost-burdened, mainly renters, the pandemic has pushed many close to eviction […]Learn More
  • Charts of the Month: Cruises, Climate Change, and Credit Servicers Capstone’s Charts of the Month highlight regulatory, legislative, and policy-driven developments that investors should be paying attention to. All graphics were recently published in Capstone research. Learn More
  • Policy Shakeout from the GameStop Saga: Retail Brokers, Short Selling & Market Making In this research commentary, Capstone discusses four policy debates we expect to emerge from the recent market volatility. February 5, 2021 – Last week’s market volatility was remarkable on many fronts—the magnitude of the GameStop Corp. (GME) short squeeze, the breadth with which volatility spread across the market to other heavily shorted stocks, and the […]Learn More
  • CFPB to Consider Overdraft Fee Limits, an Underappreciated Risk for Banks The CFPB will likely pursue overdraft rulemaking, an underappreciated risk to 30% of net income for TD, TCF, and Regions banks. January 28, 2021 – Capstone believes the Consumer Financial Protection Bureau (CFPB) is likely to undertake rulemaking to increase restrictions on overdraft charges for automatic teller machine (ATM) and one-time or point-of-sale (POS) debit […]Learn More
  • State AGs Target Credit Acceptance’s Deep Subprime Model The attorneys general are likely to push for “ability to repay” analyses, which would be a material negative for Credit Acceptance. September 17, 2020 – Capstone believes state attorneys general (AGs), as part of their ongoing investigations into Credit Acceptance Corp.’s (CACC) business practices, will attempt to force the company to conduct an “ability to […]Learn More
  • Fannie, Freddie, and the Long Path Out of Government Conservatorship Our Call: Since Capstone’s founding, our analysts have covered Fannie Mae (FNMA) and Freddie Mac (FMCC), the two government-sponsored enterprises (GSEs) placed in conservatorship in the height of the 2008 financial crisis. Before President Trump was elected in 2016, Capstone predicted that the new president, regardless of party, would present opportunities for the existing preferred […]Learn More
  • Assessing Potential Deutsche-Commerzbank Merger, Wary About Merits of “National Champion” Our Call: On March 14, 2019, Capstone hosted a series of meetings for clients in Frankfurt to discuss the outlook for the German big bank M&A with regulatory and industry stakeholders. Our conversations focused heavily on banking consolidation and the broad sense of skepticism around the merits of creating a “national champion” given the merger […]Learn More
  • Evolving State and Federal Regulatory Climate Surrounding Branch-Based Installment Lending The Request: Capstone was engaged by a consortium of private-equity sponsors that was considering acquiring a branch-based installment lender. Specifically, we analyzed existing and potential future legislative and regulatory initiatives that could affect the Company. At the state level, we explored the climate in the nine states that constitute the majority of the Company’s branches. […]Learn More
  • Regulatory and Policy Outlook for an Irish Management Company, Governance, and Compliance Services Firm The Request: Capstone advised a client on the acquisition of an Irish Management Company (ManCo), Governance, and Compliance Services Firm. Our diligence explored the policy-driven opportunities and risks from Brexit, more specifically if the firm was positioned to benefit from the increasing demand for regulatory infrastructure services in continental Europe. We also evaluated the relative perception […]Learn More