Industry Experts Selected for CFPB Panels on UDAAP

ACA International member and former CFPB Deputy Enforcement Director Lucy Morris selected to speak on bureau panel June 25.

6/13/2019 11:00 AM

Industry Experts Selected for CFPB Panels on UDAAP

The Consumer Financial Protection Bureau will hold two panels focused on the Dodd-Frank Act’s prohibition on abusive acts or practices in financial services industries at 9 a.m. Eastern on June 25.

The panel discussions are part of a symposium announced earlier this year by CFPB Director Kathy Kraninger in effort to further define “abusiveness” as part of the Dodd-Frank Act’s authorization for the bureau to take enforcement, supervision, and rulemaking actions concerning unfair, deceptive, or abusive acts and practices (UDAAP).

ACA International member Lucy Morris, a partner at Hudson Cook LLP and former CFPB deputy enforcement director, will speak on the second panel with legal experts focused on how the abusive standard is used in practice.

“The meaning of abusiveness is less developed than the meaning of unfair or deceptive, which have been defined substantially by the Federal Trade Commission Act. The symposium will provide a public forum for the bureau and the public to hear various perspectives on the meaning of abusiveness,” according to a news release from the CFPB.

“I’ve really spent my career focused on these kinds of issues. I’ve really been engaged in rulemaking throughout my career in public service, so it’s been a huge focus for me really making sure that we are following the Administrative Procedures Act and all of the processes there to have consumer and public input [and] to have stakeholder input on all of the rulemaking actions,” Kraninger told Bloomberg Television’s Chief Washington Correspondent Kevin Cirilli in a June 10 interview about her term with the bureau thus far and the upcoming symposium. “We’re really starting from the beginning of the process.”

The symposium will have two panels of UDAAP experts as well as remarks from Kraninger and CFPB Deputy Director Brian Johnson.

“It’s a really challenging issue, including thinking about what abusiveness means beyond the statutory definition,” Kraninger said in the interview with Cirilli.

The first panel on June 25 will include a discussion with academic experts in the area of consumer protection on various policy issues relating to the abusive standard under Dodd-Frank, according to the CFPB news release. Tom Pahl, CFPB’s policy associate director, Research, Markets and Regulation, will serve as moderator for the panel, including:

  • Patricia McCoy, Professor of Law, Boston College Law School;
  • Todd Zywicki, Professor of Law, George Mason University, Antonin Scalia Law School;
  • Howard Beales, George Washington University; former Director of the Federal Trade Commission (FTC) Bureau of Consumer Protection; and
  • Adam Levitin, Professor of Law, Georgetown Law School.

The second panel, including leading legal experts, will focus on how the abusive standard has been used in practice. The panel will be moderated by David Bleicken, CFPB deputy associate director, Supervision, Enforcement and Fair Lending.

The panel, in addition to Lucy Morris, will include:

  • William MacLeod, partner at Kelley Drye; former director of the FTC Bureau of Consumer Protection and Bureau of Competition;
  • Eric Mogilnicki, partner at Covington & Burling; former chief of staff, Senator Ted Kennedy; and
  • Nicholas Smyth, assistant director of the Pennsylvania Office of Attorney General’s Bureau of Consumer Protection, Senior Deputy Attorney General.

The symposium event will be aired live on the CFPB website or members of the public may RSVP to attend.

ACA International members are invited to share their feedback to inform industry comments to the bureau on the proposed debt collection rulemaking in a survey available through June 18, 2019.

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