Gail Hillebrand of the Consumer Union just delivered a clear and concise explanation of the statutory structure of the newly created Consumer Financial Protection Bureau. Ms. Hillebrand discussed the types of products, services, and providers within the purview of CFPB jurisdiction. She also explained the new powers and obligations of the agency, its role in […]
Live Blogging at the Dodd-Frank Symposium: The Power of Disclosure
Thomas Brown of O’Melveny & Meyers just spoke about the interest of consumers and financial institutions on the new Consumer Financial Protection Bureau’s ability to regulate the disclosure of financial products to customers. Mr. Brown argues that such power would allow the CFPB to reshape the landscape of the industry. Mr. Brown spoke on the […]
Live Blogging at the Dodd-Frank Symposium: Dodd-Frank’s New Ability to Pay Provision
Professor John Pottow of the University of Michigan School of Law, just addressed Dodd-Frank’s newly created duty of lenders to assess and assure a borrowers ability to pay. As Professor Pottow pointed out, such a concept is not wholly new to legal thought; however, Dodd-Frank’s wholesale import of the standard is a radical change to […]
Live Blogging at the Dodd-Frank Symposium: The Uncertain Future of of Bank Regulation Under Dodd-Frank’s “Abusive” Standard
John D. Wright, of Wells Fargo & Company, just finished giving his thoughts about the Dodd-Frank Act’s new “abusive” standard. Section 1031 of the Dodd-Frank Act vests the newly created Bureau of Consumer Financial Protection with the authority to take enforcement action against banks and other covered entities from engaging in unfair, deceptive or abusive […]
Live Blogging at the Dodd-Frank Symposium: Recognizing the Costs of New Regulations on VC Funds
(click here to see the full abstract of Mr. Eric Finseth’s presentation at the Symposium) While Silicon Valley tech companies and VC firms did not have any clear hand in contributing to the recent financial crisis, several new regulations may nonetheless present new burdens on their industry. While exemptions were written throughout most of the Dodd Frank […]
Live Blogging at the Dodd-Frank Symposium: the Inhibitory Effect on Important Capital Flows of Regulations such as Dodd-Frank
(click here to see the full abstract of Mrs. Mary Dent’s presentation at the Symposium) Many individuals in D.C. focus on the importance of growth and innovation to fuel the continued growth of the national economy. Despite this rhetoric, legal regulation have historically (inadvertently) hampered the flow of capital into high growth industries through legislation that fails […]
Live Blogging at the Dodd-Frank Symposium: Systemic Risks, as well as Benefits, of Money Market Funds
(click here to see the full abstract of Mr. Mark Perlow’s presentation at the Symposium) The financial crisis demonstrated clearly that money market funds present certain systemic risks when they “break the buck.” Before the crisis there were already a number of regulations in place for money market funds, on matters such the ratings of investments that […]
Live Blogging at the Dodd-Frank Symposium: the Effects of Credit Derivatives and Leverage in Facilitating Asset Bubbles
(click here to see the full abstract of Mr. Erik Gerding’s presentation at the Symposium) Hedging provides financial institutions with an important tool for spreading risk and consequently provides greater liquidity for the market (at least in certain asset classes). However, the money multiplier effect that results from chains of credit default swaps, when combined with the […]
Live Blogging at the Dodd-Frank Symposium: Tracking Securitized Residential Mortgages
Nancy Wallace from the Haas School of Business followed her fellow Haas colleague with a talk on the evolution of residential mortgage recording and tracking and the legal implications of MERS. Some Key Highlights: Residential Mortgage Recording and Tracking has Diverged: while so-called “Shoebox” technology continue to be used to record and track property interest […]
Live Blogging from the Dodd-Frank Symposium: Bank Regulation and Mortgage Market Reform
We’re blogging live from today’s Dodd-Frank Symposium! Dwight Jaffee from the Haas School of Business kicked off the first set of Securitization and Governance panel presentations with a talk on Bank Regulation and Mortgage Market Reform.Key Highlights from the presentation: Moral Hazard in Securitization is wrong: Jaffee says that the hoopla over securitization causing the mortgage bubble […]