Source: http://law.nyu.edu/centers/laweconomics/conferences/regulationcfp/index.htm
Timestamp: 2013-05-19 20:58:06
Document Index: 245069262

Matched Legal Cases: ['art 1', 'art 2', 'art 1', 'art 2', 'art 3', 'art 1', 'art 2']

NYU Law - Conferences: Regulation of Consumer Financial Products
Regulation of Consumer Financial Products	ALI Invitational Conference on Consumer Protection	Print this page
Center for Law, Economics and Organization
Regulation of Consumer Financial Products
Conference on the Regulation of Consumer Financial Products
Bar-Gill and other NYU Law professors speak at Federal Reserve Bank conference
Bar-Gill confronts critics of the proposed Consumer Financial Protection Agency
Rachel Barkow testifies before House on proposed consumer financial protection agency and gives recommendations to U.S. Sentencing Commission
"Making Credit Safer" by Oren Bar-Gill and Elizabeth Warren
Twelfth Annual Clifford Symposium on Tort Law and Social Policy: "Regulating After the Fact" by Samuel Issacharoff
"Why Now is Not the Time to Revamp Consumer Financial Protection" by David Evans
Wednesday, January 6, 20108:00 a.m. – 4:45 p.m.
Sponsors:Federal Reserve Bank of New YorkNew York University School of Law
In coordination with:New York City Bar Association, Banking Law Committee and Consumer Affairs CommitteeNew York State Bar Association, International Section, Committee on Securities and Banking
Credit has provided substantial value for millions of American households, permitting the purchase of homes that help families accumulate wealth and cars that can expand job opportunities. Credit can also provide a critical safety net, permitting families to borrow against a better tomorrow if they suffer job layoffs, medical problems, or family breakups today. Many financial products are offered on fair terms that benefit both seller and customer. However, for families that get tangled up with dangerous financial products, the results can be wiped-out savings, lost homes, higher costs for car insurance, denial of jobs, troubled marriages, bleak retirements and broken lives.
Distinguished panelists considered questions such as: Are markets for consumer credit products failing? What are the implications of credit market failure? If consumer credit markets are failing and the implications of this failure justifies regulatory intervention, who should regulate consumer credit products? Should the banking agencies retain primary authority over consumer credit products? Is there a conflict between protecting the safety and soundness of the banking system and consumer protection? Do we need a new federal consumer protection agency or can the current federal and state regulatory framework be adjusted to address the criticisms leveled against it? What are the basic requirements for a regulatory framework that would protect consumers without unduly limiting the availability of consumer credit?
Introduction: Overview of Reform Efforts
Oren Bar-Gill, Professor of Law, NYU School of LawMichael V. Campbell, Counsel, Federal Reserve Bank of New York
Watch Introduction (23 min):
Panel I: Market Failure and the Need for Regulation
This panel discussed evidence of market failure in consumer credit markets, as the impetus for regulatory intervention in these markets. Research documenting evidence of market failure, specifically evidence of systemic consumer mistakes, was presented and critiqued.
ModeratorOren Bar-Gill, Professor of Law, NYU School of Law
Panelistso Vicki Been, Boxer Family Professor of Law and Director, Furman Center for Real Estate and Urban Policy, NYU School of Law
o Thomas Brown, Partner, O’Melveny & Myers
o Clayton Gillette, Max E. Greenberg Professor of Contract Law, NYU School of Lawo Stephan Meier, Assistant Professor, Columbia Business School
o J. Thomas Rosch, Commissioner, Federal Trade Commission
Watch Panel I, Part 1 (40 min):
Watch Panel I, Part 2 ( 43 min):
Panel II: Who Should Regulate Consumer Credit Products?
This panel discussed the strengths and weaknesses of the current regulatory scheme and asked whether and how this scheme should be reformed. The Obama Administration’s Consumer Financial Protection Agency proposal was considered along with other alternatives.
ModeratorMichael V. Campbell, Counsel, Federal Reserve Bank of New York
Panelistso Rachel E. Barkow, Professor of Law, NYU School of Lawo David Berenbaum, Executive Vice President, National Community Reinvestment Coalitiono Richard Scott Carnell, Associate Professor of Law, Fordham School of Lawo Oliver I. Ireland, Partner, Morrison & Foerstero Ellen Lazar, Senior Advisor for Consumer Policy, Federal Deposit Insurance Corporation o Richard H. Neiman, Superintendent of Banks, New York State Banking Departmento J. Thomas Rosch, Commissioner, Federal Trade Commissiono Eric Stein, Deputy Assistant Secretary for Consumer Protection, U.S. Department of the Treasuryo Arthur E. Wilmarth, Jr., Professor of Law, George Washington Law School
Watch Panel II, Part 1 (1 hr 3 min):
Watch Panel II, Part 2 (1 hr 6 min):
Watch Panel II, Part 3 (25 min):
Panel III: How Should We Regulate Consumer Credit Products?
This panel discussed the substance of current and proposed regulations and debate the optimal scope of the powers granted to the new Consumer Financial Protection Agency or other agency entrusted with the regulation of consumer credit products. ModeratorOren Bar-Gill, Professor of Law, NYU School of Law
Panelistso Frank R. Borchert, III, General Counsel, Chase Credit Card Serviceso Raj Date, Chairman and Executive Director, Cambridge Winter
o David S. Evans, University College London (Visiting Professor), University of Chicago (Lecturer), LECGo Samuel Issacharoff, Bonnie and Richard Reiss Professor of Constitutional Law, NYU School of Lawo Janis K. Pappalardo, Assistant Director, Consumer Protection Division, FTC Bureau of Economics
o Andrew L. Sandler, Partner, Buckley Sandler LLP
Watch Panel III, Part 1:
Watch Panel III, Part 2 and Closing Remarks: