The Federalist Society

2008 Consumer Credit Protection Conference

Financial Services and E-Commerce Practice Group

This event is co-sponsored by The Financial Services Roundtable
and the Consumer Bankers Associaton.

 The recent consumer credit issues have generated a great deal of media coverage and spurred calls for additional government regulation.  Please join us at the National Press Club on May 20 for a conference that will examine the subprime lending industry and credit card regulation.  The two panels will address questions such as: What will be the likely impact of proposed new regulations if adopted?  Can the issues in the credit industries resolve themselves without government intervention?  Will proposed regulations benefit consumers?


10:00 a.m. - 11:45 a.m.
Panel I: Subprime Lending       

Problems in the subprime lending industry have led to widespread calls for substantial new regulations on lending to "subprime" consumers. The Federal Reserve has already issued new guidance to banks on loan products such as adjustable rate mortgages and various lending terms and practices. What will be the likely impact of these proposed new regulations if adopted? To what extent are the current problems in the subprime market the result of prior governmental interventions into the mortgage market, such as through the Community Reinvestment Act? Will the issues in the subprime market resolve themselves without government intervention?

  • Prof. Jennifer E. Bethel, Babson College
  • Ms. Margaret Burns, Director, Single Family Program Development, United States Department of Housing and Urban Development
  • Mr. Allen Fishbein, Consumer Federation of America
  • Moderator: Prof. Allen Ferrell, Harvard Law School

12:00 noon - 2:00 p.m.
Panel II: Credit Card Regulation       

Congress and many consumer activist groups have called for closer regulation on the terms of credit cards. In particular, there have been calls to place price caps on certain fees, including overlimit fees, late fees, and the like. There have also been calls for stricter regulation of credit card marketing, such as marketing to college students. Likewise, there have been calls for specific regulation of certain practices, such as cross-default clauses in credit card contracts. Last year the Federal Reserve issued a long-awaited and lengthy set of proposed amendments to Regulation Z implementing the Truth in Lending Act. What would be the likely the effects of these regulations on consumer protection and competition in the credit card industry?

  • Mr. Thomas A. Durkin, Financial Services Research Program, George Washington University and former Senior Economist, Board of Governors of the Federal Reserve System 
  • Mr. Oliver I. Ireland, Morrison & Foerster LLP
  • Prof. Adam J. Levitin, Georgetown University Law Center
  • Prof. Todd J. Zywicki, George Mason University School of Law
  • Moderator: Mr. Andrew Cochran, Vice President, GAGE

National Press Club
Washington, DC
May 20, 2008

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