34^th Annual Financial Services Conference
December 8 & 9, 2021

Wednesday, December 8

1:00pm ET

Welcome & Introduction

Jack Gillis, Executive Director
Consumer Federation of America

1:05pm – 2:05pm ET

Crypto’s Rapid Rise: The Future of Finance or Cause for Concern?

Cryptocurrencies, digital assets, and related investment products have, in some way or another, impacted nearly all aspects of the financial regulatory landscape. As these novel asset classes and investment products continue to grow in market share and variety, regulators are under pressure to identify and mitigate the risks these new products and markets present to retail investors, market participants, and the financial system writ large. The President’s Working Group on Financial Markets recently released a much-anticipated report on “stablecoins,” which identified several significant risk areas presented by this specific class of digital assets, but largely left open many questions. This panel will delve into these risks and how they are connected to specific types of digital assets or specific markets, as well as ask who is responsible for regulating which digital assets, how many of them are outside of the jurisdiction of federal market regulators, and where this report leaves regulators, investors and market participants, and the crypto industry more generally. Join us for a deep dive into these topics as we attempt to find clarity in the uniquely unclear and rapidly expanding world of cryptocurrencies and digital assets.

Moderator

Justin Slaughter, Attorney and Consultant
Law Firm of Justin Slaughter PLLC

Panelists

Hilary J. Allen, Professor of Law
Washington College of Law, American University

Thomas Hoenig, Distinguished Senior Fellow
Mercatus Center, George Mason University

Andrew Park, Senior Policy Analyst
Americans for Financial Reform & Americans for Financial Reform Education Fund

Joseph Rotunda, Director, Enforcement Division
Texas State Securities Board

2:10pm – 2:30pm ET

Keynote Conversation with Michael Hsu, Acting Comptroller of the Currency

2:35pm – 3:35pm ET

If It Walks Like a Loan and Talks Like a Loan, is it a Loan?

Innovation and technology are transforming the financial services marketplace, and the COVID-19 pandemic created an optimal growth environment for many fintech apps, with people working from home and spending more time online. Across consumer lending markets, new financial products are popping up and growing dramatically. Buy Now, Pay Later apps, Earned Wage Access products, Income Share Agreements, and other fintech loan products have infiltrated traditional lending markets, but many of these apps and products argue that they are not loans and therefore not subject to the myriad of state and federal laws and regulations around consumer lending. This panel will bring us back to the basics to explore what is a loan, how consumer loans are regulated, and how these new products should fit into that regulatory system.

Moderator

Rachel Gittleman, Financial Services Outreach Manager
Consumer Federation of America

Panelists

Martha Upton Fulford, First Assistant Attorney General, Administrator
Consumer Credit Unit, Colorado Department of Law

Adam J. Levitin, Agnes N. Williams Research Professor and Professor of Law
Georgetown University Law Center

Andy Navarrete, Executive Vice President, External Affairs
Capital One Financial Corporation

Thursday, December 9

1:00pm ET

Welcome & Introduction

Jack Gillis, Executive Director
Consumer Federation of America

1:05pm – 1:30pm ET

Keynote Conversation with Sandra L. Thompson, Acting Director, Federal Housing Finance Agency (FHFA)

1:35pm – 2:25pm ET

Are New Ways for Consumers to Make Fast & Easy Person-to-Person Payments Too Risky?

Consumers are increasingly using apps such as Venmo to reimburse friends for their shares of restaurant bills, pay their barbers for haircuts, and even purchase items from online sellers. Recently the Federal Reserve proposed a new FedNow payment system to provide competition for person-to-person payments and faster financial transactions. But are there adequate protections for consumers from fraud or mistakes? What needs to be done to ensure that these payment methods are safe and secure?

Moderator

Adam Rust, Senior Policy Advisor
National Community Reinvestment Coalition

Panelists

James Angel, Associate Professor
McDonough School of Business, Georgetown University

José A. Quiñonez, Founder and CEO
Mission Asset Fund

Tracy Rezvani, Administrator
Montgomery County Office of Consumer Protection

2:30pm – 2:35pm ET

Keynote: Congresswoman Maxine Waters (CA-43), Chairwoman, House Committee on Financial Services, U.S. House of Representatives

2:35pm – 3:30pm ET

Watch Where You’re Going: Telematics, Auto Insurance, & Consumer Protections

Auto insurers are increasingly touting their new telematics programs and claiming they will benefit consumers. In these programs, you plug a device into your car or download a mobile app on your phone, which allows insurers to gather data on your driving behavior and use that data to calculate insurance rates. But are there adequate safeguards to protect consumers, safeguard data privacy, and ensure that these programs will reduce costs instead of raising them? And what reforms should regulators and legislators enact to oversee these programs? In this panel, Consumer Federation of America and other participants will explain the basics of telematics and auto insurance, the current state oversight of this technology, and possible reforms that will lower premiums for consumers.

Moderator

Doug Heller, Insurance Expert
Consumer Federation of America

Panelists

Chuck Bell, Programs Director, Advocacy
Consumer Reports

Mike Kreidler, Insurance Commissioner
Washington State

Julie Mix McPeak, Senior Deputy General Counsel, Root Insurance
Former Insurance Commissioner of Tennessee

Sonja Larkin-Thorne, Consumer Advocate and Retired VP, The Hartford, Chair
State of CT Insurance Department Advisory Council

3:35pm – 3:40pm ET

Keynote: Rohit Chopra, Director, Consumer Financial Protection Bureau

3:40pm – 4:10pm ET

Keynote: Eric Halperin, Assistant Director for Enforcement, Consumer Financial Protection Bureau