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Financial Services & E-Commerce

Consumer Credit and the American Economy

Financial Services & E-Commerce Practice Group Teleforum August 27, 02:00 PMFederalist Society Teleforum Conference Call

Professor Todd J. Zywicki will join 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, the 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 will join to offer 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

The Highs–and Lows–of High-Frequency Trading - Podcast

Corporations, Securities & Antitrust Practice Group Podcast
Brian Mannix, Joanne Medero August 05, 2014

While other fields of law are trying to anticipate the future ramifications of the widespread use of drones, robots, and self-driving vehicles, financial markets have already confronted the fact that – for about five years now – automated trading programs have made the majority of all trades in equities and commodities. Automation has substantially reduced the cost of trading, but it has also had profound effects on the structure of financial markets, and has raised questions about its facilitation of allegedly abusive practices. A 2013 documentary, “Ghost Exchange,” and a 2014 best-selling book, Michael Lewis’s Flash Boys, focused public attention on the effects of high-frequency trading (HFT) on market integrity and stability, and helped precipitate a series of aggressive enforcement investigations as well as rulemaking initiatives at financial regulatory agencies in the U.S. and abroad. Our experts reviewed the state of the debate over HFT, and possible paths forward.

  • Brian Mannix, President, Buckland Mill Associates
  • Joanne Medero, Managing Director, BlackRock Inc.

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

Clark v. Rameker - Post-Decision SCOTUScast

SCOTUScast 7-18-14 featuring Jennifer Spreng
Jennifer Spreng July 18, 2014

On June 12, 2014, the Supreme Court issued its decision in Clark v. Rameker. The question in this case is whether an individual retirement account that a debtor has inherited is exempt from the debtor's bankruptcy estate under Section 522 of the Bankruptcy Code, which exempts "retirement funds to the extent that those funds are in a fund or account that is exempt from taxation" under certain provisions of the Internal Revenue Code.

Justice Sotomayor delivered the opinion for a unanimous Court, which held that funds contained in an inherited IRA do not qualify as "retirement funds" within the meaning of the Bankruptcy Code exemption. The judgment of the Seventh Circuit was affirmed.

To discuss the case, we have Jennifer Spreng, an associate professor of law at the Arizona Summit Law School.