36^th Annual Financial Services Conference
November 16, 2023

8:00am

Breakfast Dialogue – Buy Now, Understand Later: Consumer Understanding and Use of Buy Now Pay Later Offers

The Buy Now Pay Later (BNPL) market has grown dramatically in recent years and the providers of these services promote them as being fast, easy, and free. Although BNPL is not currently regulated at the federal level, the state of California has required some BNPL providers to apply for licenses, abide by state lending laws, and has fined providers for making unregulated loans to consumers. Despite California’s move to require some BNPL providers to comply with its existing lending laws, it remains unclear how much consumers know about their rights when using BNPL, or how they view and use these products. This panel will explore the findings from a consumer survey that evaluated consumer knowledge and usage about BNPL products in California and will discuss policy and product implications that BNPL products have on consumers.

Moderator

Yasmin Farahi
Deputy Director of State Policy & Senior Policy Counsel
Center for Responsible Lending

Panelists

Scott Astrada
Director of Public Policy & Social Impact
Affirm, Inc.

Mark Hays
Senior Policy Analyst, Fintech
Americans for Financial Reform and Demand Progress

Andrew Kushner
Senior Policy Counsel
Center for Responsible Lending

Laura Udis
Small Dollar, Marketplace, and Installment Lending Program Manager
CFPB

9:00am

Welcome

Susan Weinstock
CEO
Consumer Federation of America

9:05am

Engines of Inequality: How Race Impacts Vehicle Ownership

This panel will discuss the way that race impacts every aspect of vehicle ownership, from purchasing and paying for the car, to acquiring and paying for insurance, and in the way fines and fees disproportionately impact persons of color. Panelists will discuss research, government enforcement actions and policy perspectives on each part of the consumer experience in vehicle ownership and how consumers of color acutely experience harm to a greater degree at every turn.

Moderator

John W. Van Alst
Senior Attorney and Project Director, Working Cars for Working Families
National Consumer Law Center

Panelists

Priya Sarathy Jones
Deputy Executive Director
Fines and Fees Justice Center

Malini Mithal
Associate Director, Financial Practices
U.S. Federal Trade Commission

Stephanie Schmelz
Deputy Director, Federal Insurance Office
U.S. Department of the Treasury

10:00am

Keynote Address

Speaker

Commissioner Christy Goldsmith Romero
U.S. Commodity Futures Trading Commission

10:30am

Keynote Address

Speaker

Elizabeth Kelly
Special Assistant to the President
National Economic Council, The White House

11:00am

AI Accountability in Financial Services

Companies are increasingly relying on artificial intelligence to automate decisions or process in consumer financial services. Federal agencies have taken action to ensure that these innovations are responsible and equitable, and that consumers are not harmed by their use. This panel will discuss the concerns expressed by agencies, the acute harms that consumers experience, and the response taken by the agency to ensure that this conduct is effectively monitored and federal laws are enforced.

Moderator

Michael Akinwumi
Chief Responsible AI Officer
National Fair Housing Alliance

Panelists

Anne Marie Pippin
Associate Director, DCOR, Office of Governance and Strategic Initiatives, Office of Financial Technology
Federal Housing Finance Administration

Ben Swartz
Senior Technology Advisor
Federal Trade Commission

12:00pm

Luncheon

1:00pm

Keynote Address

Speaker

Jennifer Jones
Vice President
Government Affairs – Financial Security and Livable Communities
AARP

1:30pm

Managing Housing Finance Risk in the Face of Escalating Climate Disasters

The US mortgage market is no stranger to systemic risk. Since the 2008 financial crisis, the Dodd-Frank Act expanded oversight and regulations in the financial sector to better protect consumers. However, as climate change is turning once-a-century events into semi-annual recurrences, the US housing system is increasingly facing new kinds of risk. From flooding in coastal areas, to extreme droughts, and escalating hurricanes, many neighborhoods in the United States are vulnerable. This panel examines how climate change is posing new risks to the housing finance system, with a focus on residential mortgage markets. Bringing together experts from a wide variety of backgrounds, we will discuss how climate change may reverberate through the US housing system – from the local impacts on homeowners and communities, to underwriting and risk strategies taken by mortgage lenders, and the broader, new risks absorbed by Fannie Mae and Freddie Mac. We will conclude by discussing what kinds of regulatory and policy strategies could best mitigate these climate risks and protect consumers.

Moderator

Sharon Cornelissen
Director of Housing
Consumer Federation of America

Panelists

Nicole Bachaud
Senior Economist
Zillow

Daniel E. Coates
Deputy Director, Division of Research and Statistics
Federal Housing Finance Agency

Nadia Seeteram
Postdoctoral Research Scientist
Columbia University Climate School
Climate Security Fellow
Center for Climate & Security

2:30pm

Investor Protection in the Digital Age: The Convergence of Technology and Conflicts of Interest

Investment firms are increasingly using technologies, such as digital engagement practices, predictive data analytics, and artificial intelligence to interact with investors. They often do so through trading apps or online platforms and are increasingly incorporating these technologies into investment advice programs. While the use of such technologies can be beneficial to investors in providing greater market access, efficiency, and returns, to the extent that firms use these technologies to advance their own interests instead of investors’ interests, investors can suffer harm. The Securities and Exchange Commission (SEC) recently proposed rules to require firms to eliminate or neutralize conflicts of interest associated with the use of these technologies. This panel of experts will discuss the market trends that have given way to concerns regarding technology-based conflicts, how firms can align the use of technology with investors’ interests, and the appropriateness of the SEC’s proposed rule in response to these considerations.

Moderator

Dylan Bruce
Financial Services Counsel
Consumer Federation of America

Panelists

Steve Hall
Legal Director and Securities Specialist
Better Markets

Kristen Hutchens
Director of Policy and Government Affairs, and Policy Counsel
North American Securities Administrators Association (NASAA)

Lucas Moskowitz
Deputy General Counsel and Head of Government Affairs
Robinhood Markets, Inc.

Jasmin Sethi
Associate Director of Policy Research
Morningstar

3:30pm

Convenience vs. Risk: Consumer Protection in Non-Bank Financial Apps

In the ever-evolving landscape of financial technology, the emergence of non-bank financial apps offers consumers new ways to access banking services, often with flashy features in sleek apps, but also in ways that differ significantly from conventional banking services. As consumers increasingly turn to these platforms for financial services, questions arise as to what these differences mean for consumer outcomes and protections. How do non-banks’ banking apps alter financial transactions? What benefits and risks do they bring, and what concerns should be front of mind for advocates? Are existing regulatory frameworks equipped to ensure consumer protection and data security? As these apps continue to gain prominence, it’s critical to understand their offerings, how they interact with consumers, and whether current regulatory oversight is sufficient to address the risks they pose. A panel of experts will discuss the unique aspects of non-bank financial apps and explore the questions they pose for consumers, advocates, and other stakeholders.

Moderator

John Breyault
Vice President of Public Policy, Telecommunications and Fraud
National Consumers League

Panelists

Nathalie Prescott
Counsel
Office of Competition & Innovation
Consumer Financial Protection Bureau

David Rothstein
Senior Principal
Cities for Financial Empowerment

Carla Sanchez-Adams
Senior Attorney
National Consumer Law Center

4:30pm

Keynote Address & Fireside Chat

Speaker

Director Rohit Chopra
Consumer Financial Protection Bureau

5:00pm

Reception

Members of the 2023 Financial Services Conference Advisory Committee

American Express
Bank of America
Broadridge Financial Solutions, Inc.
Citi Community Development
CUNA
FINRA
JPMorgan Chase
Mortgage Bankers Association
Navy Federal Credit Union
TruStage
Vantage Score
Walmart
Zillow Group