2016 National Lawyers Convention
The Consumer Financial Protection Bureau (CFPB), in its more than five year existence, has ordered consumer financial service providers to return more than a billion dollars in monetary relief to consumers it believes were victims of practices that it deems unfair, deceptive, abusive, or otherwise violative of its view of regulations and laws. The CFPB has ordered monetary relief for discriminatory lending and proposed regulations that would shutter many low-income lending locations and encourage class actions lawsuits. Proponents of the Bureau point to fines collected and bad practices addressed. Critics assert that Bureau activities actually harm consumers rather than help them. This panel will assess whether the CFPB has been of net benefit or net harm to the people it was created to protect.
This panel was held on November 18, 2016, during the 2016 National Lawyers Convention in Washington, DC.
Financial Services & E-Commerce: Has the Consumer Financial Protection Bureau (CFPB) Helped Consumers?
12:30 p.m. – 2:45 p.m.
- Mr. John A. Allison, Chairman, Executive Advisory Council, Center for Monetary and Financial Alternatives, Cato Institute
- Mr. Leonard N. Chanin, Of Counsel, Morrison & Foerster LLP
- Mr. Deepak Gupta, Founding Principal, Gupta Wessler PLLC
- Prof. Todd J. Zywicki, Foundation Professor of Law and Executive Director, Law & Economics Center, Antonin Scalia School of Law, George Mason University
- Moderator: Hon. Edith Jones, U.S. Court of Appeals, Fifth Circuit
- Introduction: Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
The Mayflower Hotel Short video featuring Thaya Brook Knight
Thaya Brook Knight November 10, 2016
Insider trading is a serious crime, yet why is there no statute that explicitly prohibits it? Thaya Brook Knight of the Cato Institute explains how the courts have developed an understanding of Section 10b of the Securities and Exchange Act, implemented by the SEC in Rule 10b-5, to prohibit insider trading—and how that creates uncertainty in criminal law. Financial Services & E-Commerce Practice Group Podcast
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). The wide-ranging discussion will cover the CFPB’s payday loan rulemaking, civil penalty fund, consumer complaint database, management challenges, and the bureau’s views on student loans. Another important topic will be the U.S. Court of Appeals for the District of Columbia’s recent ruling in PHH Corporation, et. al., v. CFPB, that the CFPB's structure is unconstitutional.
Criminal Law & Procedure Practice Group Podcast
- Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
- Julius L. Loeser, Of Counsel, Winston & Strawn LLP
On Wednesday, October 5, the Supreme Court heard argument in Salman v. U.S. on what constitutes a personal benefit in insider trading. The Court will consider the Ninth Circuit’s holding in this matter that a personal benefit can be established by the fact that a tippee shared a close family relationship. The Second Circuit previously held in United States v. Newman that a personal benefit to an insider necessary to establish insider trading under Dirks v. SEC requires proof of “an exchange that is objective, consequential, and represents at least a potential gain of a pecuniary or similarly valuable nature.”
Short video featuring Thaya Brook Knight
- Todd F. Braunstein, Global Head of Legal Investigations, Willis Towers Watson
How will the Supreme Court rule on a new insider trading case? Thaya Brook Knight, associate director of financial regulation studies at the Cato Institute, explains the case of Salman v. United States and how the Court's decision may change insider trading law in America. Oral argument is October 5, 2016.