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Banking Law

Consumer Financial Protection Bureau Update - August 2014 - Podcast

Financial Services & E-Commerce Practice Group Podcast
Wayne A. Abernathy, Julius L. Loeser August 15, 2014

Members of the Federalist Society’s Financial Services & E-Commerce Practice Group Executive Committee provided an update on recent important activity at the Consumer Financial Protection Bureau (CFPB) on this Teleforum conference call. Recent developments included the CFPB’s proposal to make public the details of anonymous consumer complaints, the CFPB’s 573-page proposal to require residential mortgage lenders to report publicly 37 new details on each home mortgage application that they receive, a bill that was introduced in the U.S. Senate to increase the threshold size of banks subject to CFPB examination from $10 billion to $50 billion, an enforcement action that the CFPB commenced against a law firm for its debt collection practices, and a warning that the CFPB issued to consumers about virtual currencies like Bitcoin.

  • Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
  • Julius L. Loeser, Of Counsel, Winston & Strawn LLP

Consumer Financial Protection Bureau Update - July 2014 - Podcast

Financial Services & E-Commerce Practice Group Podcast
Wayne A. Abernathy, Todd J. Zywicki July 21, 2014

Members of the Federalist Society’s Financial Services & E-Commerce Practice Group Executive Committee provided an update on recent important activity at the Consumer Financial Protection Bureau on this Teleforum conference call. Recent developments included CFPB Director Richard Cordray’s congressional testimony on auto lending discrimination, as well as the congressional testimony of CFPB whistleblower Ali Naraghi on alleged “results-oriented” examinations of regulated entities, bureaucratic inefficiency, and workplace discrimination at the CFPB, and Operation Chokepoint.

  • Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
  • Prof. Todd J. Zywicki, Foundation Professor of Law, George Mason University School of Law

Robers v. United States - Post-Decision SCOTUScast

SCOTUScast 5-28-14 featuring Peter Thomson
Peter M. Thomson May 28, 2014

Peter ThomsonOn May 5, 2014, The Supreme Court announced its decision in Robers v. United States. This case involves the Mandatory Victims Restitution Act of 1996, which requires one who has obtained property fraudulently to return it or (if return is not possible) pay “an amount equal to . . .the value of the property” less “the value (as of the date the property is returned) of any part of the property that is returned.” The question here is whether a defendant who fraudulently obtained a loan, for which he provided a mortgage as collateral, returned “any part of the property” when his lenders foreclosed on the mortgage.

In a unanimous decision delivered by Justice Breyer, the Court held that the statutory phrase “any part of the property” refers only to the specific property lost by the victim, which in the case of a fraudulently obtained loan is the money lent. Thus, no part of the property is returned until the collateral is sold and the victim receives money from the sale. Thus, any amount due is reduced not by the value of the collateral when the victim received it, but by the value of the proceeds the victim received when the collateral was sold. The decision of the Seventh Circuit was affirmed. Justice Sotomayor filed a concurring opinion, which Justice Ginsburg joined.

To discuss the case, we have Peter Thomson, who is a partner at Fowler Rodriguez.

The Financial Stability Oversight Council - Podcast

Financial Services & E-Commerce Practice Group Podcast
Peter J. Wallison, Wayne A. Abernathy March 14, 2014

Prudential

One feature of the Dodd-Frank Act is the authority given to the Financial Stability Oversight Council (FSOC) to designate certain nonbank firms as systemically important, subjecting them to "stringent" regulation by the Federal Reserve Board. Could the exercise of this authority change the very nature of our financial system? Is the FSOC Dodd-Frank provision based on accurate information about what actually happened in the financial crisis, or does information only more recently available argue in another direction? Should this authority Dodd-Frank confers not be exercised until Congress has had an opportunity to reconsider the underlying facts?

The paper discussed by our experts is available here.

Featuring:

  • Hon. Peter J. Wallison, Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute
  • Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association

[Listen now!]