Financial Institutions and Consumer Financial Services

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On March 28, 2007, Fed Chairman Ben Bernanke spoke before a Congressional committee concerning the "turmoil in the subprime mortgage market." While recognizing the "severe financial problems" that many "individuals and families" faced, he noted that, "[a]t this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained." Days later, a leading subprime lender, New Century Financial Corporation would file for bankruptcy. By summer, with the downgrading of numerous subprime mortgage-linked securities and the collapse of two Bear Stearns hedge funds that were invested in such instruments, it became clear that the crisis was not contained. Ten years later, we continue to reflect on the profound pain and the tremendous progress. This panel will assemble a range of academic and policy experts to consider the work completed and the work ahead. Topics will include the Dodd-Frank Act, bank capital requirements, systemic risk, consumer financial protection, and the ongoing race, economic justice, and gender issues associated with the mortgage and financial crisis. As the conference takes place during the last weeks of the presidential interregnum, attention will also be paid to what changes a new administration could bring.

The section held a virtual business meeting in advance of the Annual Meeting.