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Consumer Law

Consumer Financial Protection Bureau Update - September 2014

Financial Services & E-Commerce Practice Group Teleforum September 26, 11:00 AMFederalist Society Teleforum Conference Call

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 a Washington Examiner article titled “Revolving Door at Regulator CFPB Enables Former Bureaucrats to Cash In at Taxpayers’ Expense”, the repeal of the bank regulators credit practices rules and the simultaneous warning that agencies will still enforce them, the CFPB’s barring the sale of student loans by Corinthian Colleges Inc., a CFPB report promoting “financial wellness” in the workplace, the CFPB's announcement that it will hold a field hearing on auto finance on September 18 in Indianapolis, and the introduction of bipartisan legislation that would invalidate the CFPB’s March, 2013 auto finance guidance and require the CFPB to proceed, if it chooses to do so, by rulemaking.

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

Consumer Credit and the American Economy - Podcast

Financial Services & E-Commerce Practice Group Podcast
Todd J. Zywicki, Bill Himpler August 28, 2014

Professor Todd J. Zywicki joined a Teleforum conference call on his new book, Consumer Credit and the American Economy, co-authored with Thomas Durkin, Gregory Elliehausen, and Michael Staten. The book examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. Because of the importance of consumer credit in consumers' financial affairs, Professor Zywicki's intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today. Bill Himpler, Executive Vice President at the American Financial Services Association, offered his comments and questions.

  • Prof. Todd J Zywicki, Author, Consumer Credit and the American Economy, and Foundation Professor of Law, George Mason University School of Law
  • Bill Himpler, Executive Vice President, American Financial Services Association

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

FDA's Proposed Ban of Trans Fat in Processed Food - Podcast

Administrative Law & Regulation Practice Group Podcast
Daren Bakst, Stuart Pape April 08, 2014

FDA

The Food and Drug Administration (FDA) has taken the first step to effectively ban trans fat from processed food. In November 2013, the Food and Drug Administration published a tentative determination that partially hydrogenated oils, which are the major dietary source of trans fat in processed food, are not “generally recognized as safe” (GRAS). This agency action, if finalized, “could, in effect, mean the end of artificial, industrially-produced trans fat in foods” according to the FDA. This unprecedented action would come after consumption of trans fat from products containing partially hydrogenated oils has declined from 4.6 grams a day in 2003 to about 1 gram a day in 2012. What is the legal authority for this action and are there legal arguments against the FDA moving forward in the proposed manner? What are the policy arguments for and against this action to eliminate “artificial” trans fat from the food supply? Could other aggressive actions against “unhealthy” ingredients such as caffeine, sodium and sugar be on the horizon?

Featuring:

  • Daren BakstResearch Fellow in Agricultural Policy, The Heritage Foundation
  • Stuart Pape, Partner, Patton Boggs LLP