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The Future of Consumer Protection: The CFPB and Beyond

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Loyola University Chicago School of Law
and the Loyola Consumer Law Review

present

The Future of Consumer Protection: The CFPB and Beyond

Friday, March 22, 2019
     9:00 AM–2:30 PM

Philip H. Corboy Law Center
Power Rogers & Smith Ceremonial Courtroom
25 E. Pearson Street, Chicago

Symposium Editor: William Dimas
RSVP wdimas@luc.edu

 

AGENDA

8:30–9:00AM  Breakfast and Registration 

9:00–9:10 AM  Welcome and Introductory Remarks

  • Will Dimas, Loyola University Chicago School of Law

9:10–10:10 AM  The State of the Consumer Protection Law in the U.S.

  • Richard Cordray, Former Director, Consumer Financial Protection Bureau

10:15 AM–11:30 AM  The Student Loan and Education Policy Crises

  • Seth Frotman, The Student Borrower Protection Center
  • Dalié Jiménez, University of California, Irvine School of Law
  • Christopher Odinet, The University of Oklahoma College of Law
  • Moderator: Lea Krivinskas Shepard, Loyola University Chicago School of Law

11:25 AM–11:45 AM  Lunch Boxes & Break 

11:45 AM–1:00 PM  Usury Law, Payday Lending, and the Military Lending Act

  • James B. Ahn, Office of Senator Jack Reed
  • Chris Peterson, The University of Utah College of Law; Director, Financial Services, Consumer Federation of American
  • Moderator: Paul Kantwill, Loyola University Chicago School of Law 

1:15 PM–2:15 PM  Financial Technology and Innovation: The CFPB & The Future of Fintech

  • Tom Scanlon, Dorsey & Whitney LLP
  • Dan Quan, Banks Street Advisory
  • Jolina Cuaresma, Georgetown University Law Center
  • Moderator: Justin Steffen, Ice Miller LLP

2:15 PM  Closing Remarks and Reflection

  • Will Dimas, Loyola University Chicago School of Law

  

ABOUT THE SYMPOSIUM

This symposium will explore current and emerging issues in consumer protection law, as they relate to the goals, policies, and the future of the Consumer Financial Protection Bureau. Distinguished speakers will discuss how the student loan and education policy crises are impacting and will impact consumers of all ages; how the current state of payday and predatory lending practices intersect with the history of usury law and the groundbreaking Military Lending Act; and how issues such as financial technology impact the current and future state of consumer protection law and the CFPB.

 

SPEAKERS

Richard Cordray

Mr. Cordray was appointed by President Barack Obama and confirmed by a bipartisan vote of the Senate as the first director of the Consumer Financial Protection Bureau (CFBP).  During his tenure, the CFPB brought enforcement actions that returned over $12 billion to 30 million Americans.  Before joining CFPB, he served as Ohio’s attorney general. He also served as Ohio treasurer, where he led the State’s banking, investment, debt, and financing activities.  He previously taught at the Michael E. Moritz College of Law at Ohio State University and served as a state representative and as Ohio’s first solicitor general.  Mr. Cordray has argued seven cases before the U.S. Supreme Court, including by special appointment of both the Clinton and Bush Justice Departments. He is a graduate of Michigan State University’s James Madison College, Oxford University in England, and the University of Chicago Law School.

Seth Frotman

Mr. Frotman is the executive Director of the Student Borrower Protection Center. As a leading expert, Mr. Frotman served as the CFPB’s student loan ombudsman and assistant director for the Office for Students and Young Consumers. He originally joined the CFPB as part of the Treasury Implementation Team in early 2011 as senior advisor to Holly Petraeus, the assistant director for the Office of Servicemember Affairs. Mr. Frotman’s work on behalf of student loan borrowers has appeared in national print publications and broadcast media, including The New York Times, The Wall Street Journal, National Public Radio, and The Washington Post. Mr. Frotman received his JD from Indiana University School of Law and his bachelor’s degree from the University of Michigan.

Christopher Peterson

Professor Peterson is the John J. Flynn Endowed professor of law at the University of Utah's S.J. Quinney College of Law and the financial services director of the Consumer Federation of America. He has served as a special advisor in the Office of the Director at the United States CFPB, as a special advisor in the Office of Legal Policy for Personnel and Readiness in the United States Department of Defense, and as senior counsel for Enforcement Policy and Strategy in the CFPB's Office of Enforcement. Professor Peterson has testified in Congressional hearings and presented his work to the Federal Deposit Insurance Corporation, Federal Reserve Board of Governors, and at the White House. He is the author of the Thompson West casebook Consumer Law: Cases and Materials and Taming the Sharks: Towards a Cure for the High Cost Credit Market which won the American College of Consumer Financial Services Lawyers’ outstanding book of the year prize.

James B. Ahn

Mr. Ahn has worked on the personal staff of Senator Jack Reed (D-RI) since 2010.  An expert on the financial industry, Mr. Ahn handles issues coming before the Senate Banking, Housing, and Urban Affairs Committees. He is a subject matter expert on the Military Lending Act and financial issues affecting military readiness and military consumers. Prior to working for Senator Reed, he worked for Senator Amy Klobuchar and Congressman Lloyd Doggett. Mr. Ahn attended Brown University, earning an AB in economics and political science, graduating magna cum laude, phi betta kappa, and a member of Omicron Delta Epsilon. He earned his JD from Columbia University, where he was the James Kent Scholar and Harlan Fiske Stone Scholar. Prior to his work on Capitol Hill, Mr. Ahn was an investment banker, a securities lawyer, a public defender investigator, and a middle school teacher.

Christopher Odinet

Professor Odinet is an associate professor of law and an affiliate associate professor in entrepreneurship at the University of Oklahoma. His teaching and research interests focus on the intersection of law, credit, and technology, with an emphasis on financial technology (fintech) innovations in lending. His publications have appeared or are forthcoming in the Southern California Law Review, the Alabama Law Review, and the Washington University Law Review. His book titled Foreclosed: Mortgage Servicing and the Hidden Architecture of Homeownership in America was recently published by Cambridge University Press. Professor Odinet is also active in law reform efforts. He is a commissioner with the Uniform Law Commission, is a member of the Joint Editorial Board on Uniform Real Property Acts, and serves on a digital asset study committee of the European Law Institute.

Dalié Jiménez

Professor Jiménez is a professor of law at the University of California, Irvine School of Law where she teaches contracts, bankruptcy, and consumer protection courses. She is also one of three principal investigators in the Financial Distress Research Project, a large-scale, longitudinal, randomized control trial evaluating the effectiveness of legal and counseling interventions to help individuals in financial distress. Professor Jiménez was part of the founding staff of the Consumer Financial Protection Bureau working on debt collection, debt relief, credit reporting, and student loan issues. Prior to her academic career, she was a litigation associate at Ropes & Gray, LLP. in Boston, and worked on consumer protection issues at the Massachusetts State Senate. Professor Jiménez is a cum laude graduate of Harvard Law School. She holds dual BS degrees in electrical engineering/computer science and political science from the Massachusetts Institute of Technology.

Jolina Cuaresma

Professor Cuaresma is a supervising attorney and teaching fellow at Georgetown University Law Center’s Federal Legislation Clinic. She is also an adjunct professor at Berkeley Law School (Boalt Hall) where she teaches an administrative law course addressing real-world problems in the student loan industry. Professor Cuaresma was previously a federal regulator and conducted investigations, brought enforcement actions, and oversaw supervision examinations. She played a leading role in promulgating consumer finance rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). As a defense attorney, she represented clients in matters before the U.S. Department of Justice, CFPB, Securities Exchange Commission, and FINRA.

Tom Scanlon

Mr. Scanlon is of counsel in the Finance & Restructuring Group for Dorsey & Whitney LLP in Washington, DC. He is experienced in counseling clients on ways to adapt financial products or services to changing rules, advising on transactions, and helping to address supervisory actions by the bank regulatory agencies, including the CFPB. In both private practice and government service, Mr. Scanlon has worked on a range of bank regulatory issues and on projects relating to payments systems. He also has advised fintech companies on compliance with federal and state laws that apply to a money transmitter. 

Dan Quan

Mr. Quan is senior adviser at McKinsey & Company Management Consulting. Formerly a senior advisor to Director Richard Cordray at the CFPB. He led Project Catalyst, the CFPB’s Fintech office. Serving as a bridge between Fintech startups and the CFPB, Dan focuses his work on identifying and promoting innovative technologies and business models that can help solve the most complex issues in consumer finance. Under his leadership, Project Catalyst has implemented and expanded the Office Hours Program, Research Pilot Program, Trial Disclosure Waiver Policy, and No Action Letter Policy. Prior to the CFPB, Mr. Quan was a Research Associate at Harvard Business School (HBS). He supported the consumer finance research work for Professor Peter Tufano, currently Dean of the Said Business School at the University of Oxford. Dan’s interest in research continued after he left HBS. He was a key contributor to the HBS report: Competitiveness At A Crossroads.

 

SYMPOSIUM LOCATION

The symposium will be held in the Philip H. Corboy Law Center, Power Rogers & Smith Ceremonial Courtroom, on the 10th floor of 25 E. Pearson St. and Loyola University Chicago’s Water Tower Campus.

 

REGISTRATION

The Illinois MCLE Board has approved this program for 4.75 hours of general credit. Loyola University Chicago School of Law is pleased to present this conference at no charge for Loyola students, faculty, and individuals not seeking MCLE credit. For those who wish to obtain MCLE credit, registration fees will apply:

  • $50 for attendees seeking MCLE credit
  • $40 for Loyola alumni seeking MCLE credit 

Fees are payable at the door by check made payable to Loyola University Chicago.

ABOUT THE LOYOLA CONSUMER LAW REVIEW

Consumer Law Review (“CLR”) is a student run law review that publishes three issues a year. Currently on Vol. 31, our publication provides a forum for dialogue among practitioners, law professors, and the rest of our broad subscriber base. Because of the CLR's wide subscriber base, the editors strive to avoid "legalese" and heavy footnoting while maintaining the highest level of scholarship in the field. CLR is devoted to featuring articles regarding the effect of developing legal issues on both consumers themselves and on the practice of law as it relates to consumers. Articles published in the CLR may address everything from debt collection and bankruptcy to trademark protection in domain names and other Internet issues.  Any tangential issue related to consumers may be appropriate for discussion, including civil rights, environmental issues, antitrust, product safety, or any other relevant topic.  The only requirement is that the article must discuss how the topic impacts consumers.