Regulating Consumer Financial Products
January 6, 2010

Federal Reserve Bank of New York
New York University School of Law

In coordination with:
New York City Bar Association, Banking Law Committee and Consumer Affairs Committee
New York State Bar Association, International Section, Committee on Securities and Banking

William C. Dudley, President, Federal Reserve Bank of New York

Introduction and Overview of Reform Efforts
Oren Bar-Gill, Professor of Law, NYU School of Law
Michael V. Campbell, Counsel, Federal Reserve Bank of New York

Panel I: Market Failure and the Need for Regulation

This panel will discuss evidence of market failure in consumer credit markets, as the impetus for regulatory intervention in these markets. Research documenting evidence of market failure, specifically evidence of systemic consumer mistakes, will be presented and critiqued.

Moderator: Oren Bar-Gill, Professor of Law, NYU school of Law


  • Vicki Been pdf, Boxer Family Professor of Law and Director, Furman Center for Real Estate and Urban Policy, NYU School of Law
  • Thomas Brown pdf, Partner, O’Melveny & Myers
  • Clayton Gillette, Max E. Greenberg Professor of Contract Law, NYU School of Law
  • Stephan Meier pdf, Assistant Professor, Columbia Business School
  • J. Thomas Rosch pdf, Commissioner, Federal Trade Commission
Panel II: Who Should Regulate Consumer Credit Products?

This panel will discuss the strengths and weaknesses of the current regulatory scheme and ask whether and how this scheme should be reformed. The Obama Administration’s Consumer Financial Protection Agency proposal will be considered along with other alternatives.

Moderator: Michael V. Campbell, Counsel, Federal Reserve Bank of New York


  • Rachel E. Barkow, Professor of Law, NYU School of Law
  • David Berenbaum, Chief Program Officer, National Community Reinvestment Coalition
  • Richard Scott Carnell, Associate Professor of Law, Fordham School of Law
  • Oliver I. Ireland, Partner, Morrison & Foerster
  • Ellen Lazar, Senior Advisor for Consumer Policy, Federal Deposit Insurance Corporation
  • Adam J. Levitin, Associate Professor of Law, Georgetown University Law Center
  • Richard H. Neiman, Superintendent of Banks, New York State Banking Department
  • J. Thomas Rosch, Commissioner, Federal Trade Commission
  • Eric Stein, Deputy Assistant Secretary for Consumer Protection, U.S. Department of the Treasury
  • Arthur E. Wilmarth, Jr. pdf, Professor of Law, George Washington Law School

Keynote Speaker: Elizabeth Warren, Leo Gottlieb Professor of Law, Harvard Law School

Panel III: How Should We Regulate Consumer Credit Products?

This panel will discuss the substance of current and proposed regulations and debate the optimal scope of the powers granted to the new Consumer Financial Protection Agency or other agency entrusted with the regulation of consumer credit products.

Moderator: Oren Bar-Gill pdf, Professor of Law, NYU School of Law


  • Frank R. Borchert, III, General Counsel, Chase Credit Card Services
  • Raj Date pdf, Chairman and Executive Director, Cambridge Winter
  • David S. Evans, University College London (Visiting Professor), University of Chicago, (Lecturer), LECG
  • Samuel Issacharoff pdf, Bonnie and Richard Reiss Professor of Constitutional Law, NYU School of Law
  • Janis K. Pappalardo pdf, Assistant Director, Consumer Protection Division, FTC Bureau of Economics
  • Andrew L. Sandler, Partner, Buckley Sandler LLP

Closing Remarks