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Banking Law

Single Point of Entry – A Response to Paul Kupiec and Peter Wallison - Podcast

Financial Services & E-Commerce Practice Group Podcast
Randall Guynn, David Skeel, James Wigand February 18, 2015

In December 2013, the Federal Deposit Insurance Corporation (FDIC) released a proposal on the “Single Point of Entry” (SPOE) strategy as a means of resolving large failing banks without financial-market disruption. Paul Kupiec and Peter Wallison wrote a paper strongly critiquing the strategy, and presented it to Federalist Society members on a January 22 Teleforum conference call. A recording of their presentation is available here. Randall Guynn, Prof. David Skeel, and James Wigand offered their defense of SPOE and their response to Mr. Kupiec and Mr. Wallison on a Teleforum conference call.

  • Randall Guynn, Partner, Davis Polk & Wardwell LLP
  • Prof. David Skeel, S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania Law School
  • James Wigand, Partner, Millstein & Co.

Consumer Financial Protection Bureau Update - February 2015 - Podcast

Financial Services & E-Commerce Practice Group Podcast
Wayne A. Abernathy, Todd J. Zywicki February 12, 2015

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). Recent developments included a CFPB study on the Military Lending Act, activity at the FDIC related to Operation Chokepoint, the Independent Community Bankers Association survey of the effect of CFPB regulations on residential mortgage lending, and also a recent Harvard study about the effect of the Dodd-Frank Act on community banks.

  • 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

Consumer Financial Protection Bureau Update - January 2015 - Podcast

Financial Services & E-Commerce Practice Group Podcast
Wayne A. Abernathy, Julius L. Loeser January 07, 2015

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) and look forward to potential CFPB developments in 2015 on this Teleforum conference call. Recent developments included the CFPB’s approach to alleged unlawful discrimination in auto lending and a November study by the American Financial Services Association that suggests that the methodology the CFPB is using to identify minorities is wrong much of the time.

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

Credit to Cronies: Government’s Heavy—IF Hidden—Hand - Event Video

2014 National Lawyers Convention
Edward J. DeMarco, Bert Ely, Paul H. Kupiec, Paul S. Atkins, Wayne A. Abernathy November 17, 2014

Key to a vibrant and increasingly productive economy is an efficient credit allocation process -- the mechanism by which all forms of credit, and not just bank loans, flow to those who can make the best use of that credit.  Do  government regulations influence and therefore distort – intentionally or not – the allocation of credit within the U.S. economy?

Bank capital and liquidity standards, consumer lending requirements, lending rules enforced by the Consumer Bureau, the Community Reinvestment Act, and government-sponsored enterprises (notably Fannie Mae, Freddie Mac, and the Farm Credit System) among other federal programs steer credit to favorites based on government priorities.  Designating large financial firms as “systemically important financial institutions” might diminish their role as independent credit providers and subject them to further government direction.   Some argue that Federal Reserve monetary policy, which greatly influences all interest rates, has consequent credit-allocation effects.  Where did this all come from, where is it going, and what it means for the future of the economy will be questions for the panel.

The Federalist Society's Corporations, Securities & Financial Services & E-Commerce Practice Group presented this panel on "Credit to Cronies: Government’s Heavy—IF Hidden—Hand" on Friday, November 14, during the 2014 National Lawyers Convention.

Featuring:

  • Mr. Edward J. DeMarco, Senior Fellow-in-Residence, Milken Institute
  • Mr. Bert Ely, Principal, Ely & Company, Inc.
  • Dr. Paul H. Kupiec, Resident Scholar, American Enterprise Institute
  • Moderator: Hon. Paul S. Atkins, Patomak Global Partners LLC; former Commissioner, U.S Securities & Exchange
  • Introduction: Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association; and Chairman, Financial Services & E-Commerce Practice Group

Mayflower Hotel
Washington, DC

Consumer Financial Protection Bureau Update - October 2014 - Podcast

Financial Services & E-Commerce Practice Group Podcast
Julius L. Loeser, Todd J. Zywicki October 23, 2014

Members of the Federalist Society’s Financial Services & E-Commerce Practice Group Executive Committee will provide an update on recent important activity at the Consumer Financial Protection Bureau (CFPB) on this Teleforum conference call. Recent developments include the CFPB Student Loan Ombudsman’s comments at a meeting of the American Bar Association Business Law Section, the CFPB’s lawsuit against Corinthian Colleges, Inc., a recent CFPB report on fair lending in the indirect auto loan market, a report from the Government Accountability Office on the CFPB’s data collection practices, Director Richard Cordray’s remarks on public service and student debt, and a Washington Post article on whether Wal-Mart and Apple’s provision of some financial services may subject them to oversight by the CFPB.

  • Julius L. Loeser, Of Counsel, Winston & Strawn LLP
  • Prof. Todd J. Zywicki, Foundation Professor of Law, George Mason University School of Law