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