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Comment Of Legal Scholars On Authority To Require Supervision And Regulation Of Certain Nonbank Financial Companies, Financial Stability Oversight Council Rin 4030-Aa00, Daniel Schwarcz, Patricia A. Mccoy, Jeremy Kress Oct 2019

Comment Of Legal Scholars On Authority To Require Supervision And Regulation Of Certain Nonbank Financial Companies, Financial Stability Oversight Council Rin 4030-Aa00, Daniel Schwarcz, Patricia A. Mccoy, Jeremy Kress

Patricia A. McCoy

Professor McCoy coauthored this comment on a proposal by the Financial Stability Oversight Council to overhaul systemic risk regulation for nonbank financial firms.


Comment Of Professor Patricia A. Mccoy On Docket No. Cfpb-2019-0039, Patricia A. Mccoy Oct 2019

Comment Of Professor Patricia A. Mccoy On Docket No. Cfpb-2019-0039, Patricia A. Mccoy

Patricia A. McCoy

In this comment letter, Professor McCoy responds to the Advance Notice of Proposed Rulemaking on Qualified Mortgages issued by the Consumer Financial Protection Bureau.


Inside Job: The Assault On The Structure Of The Consumer Financial Protection Bureau, Patricia A. Mccoy Oct 2019

Inside Job: The Assault On The Structure Of The Consumer Financial Protection Bureau, Patricia A. Mccoy

Patricia A. McCoy

Soon after the 2016 election of Donald Trump as President of the United States, while Republicans controlled Congress, opponents of the fledgling Consumer Financial Protection Bureau (CFPB) opened a campaign against the Bureau. Their target was less the substance of federal consumer financial protection laws than the structure of the CFPB itself. This emphasis on structure was a response to the fact that Congress in 2010 had given special thought to the design of the CFPB to safeguard the Bureau and its mission.

In 2017, after legislation to weaken the Bureau’s structure failed in Congress and constitutional challenges to ...


The Faulty Foundation Of The Draft Restatement Of Consumer Contracts, Adam J Levitin, Nancy S Kim, Christina L Kunz, Peter Linzer, Patricia A. Mccoy, Juliet M. Moringiello, Elizabeth A Renuart, Lauren E. Willis Oct 2019

The Faulty Foundation Of The Draft Restatement Of Consumer Contracts, Adam J Levitin, Nancy S Kim, Christina L Kunz, Peter Linzer, Patricia A. Mccoy, Juliet M. Moringiello, Elizabeth A Renuart, Lauren E. Willis

Patricia A. McCoy

Professor Gregory Klass's replication study of the Draft Restatement of the Law of Consumer Contract's empirical analysis of privacy policies found troubling and pervasive problems with the Reporters' coding of cases. We extended Professor Klass's study with a replication of the coding of the two largest datasets supporting the Draft Restatement, those on the enforceability of unilateral contract modifications and those on the enforceability of clickwrap assent. For the replication, we reviewed 186 cases blind to the Reporters' coding.


Comment Of Legal Scholars On Occ's Community Reinvestment Act Anpr (Docket Id Occ-2018-0008), Vincent Rougeau, Patricia A. Mccoy Apr 2019

Comment Of Legal Scholars On Occ's Community Reinvestment Act Anpr (Docket Id Occ-2018-0008), Vincent Rougeau, Patricia A. Mccoy

Patricia A. McCoy

Comment submitted to the federal government on a proposal to revise the rule implementing the Community Reinvestment Act.


Brief Of Amici Curiae Finance Regulation Scholars In Support Of Plaintiff's Motion For A Preliminary Injunction In English V. Trump, Patricia A. Mccoy Feb 2018

Brief Of Amici Curiae Finance Regulation Scholars In Support Of Plaintiff's Motion For A Preliminary Injunction In English V. Trump, Patricia A. Mccoy

Patricia A. McCoy

Professor McCoy was the lead author of an amicus brief in support of the lawsuit by CFPB Deputy Director Leandra English against the Trump Administration, asserting that she lawfully became the Acting Director of the Consumer Financial Protection Bureau under the Dodd-Frank Act.


Why Cyclicality Matters To Access To Mortgage Credit, Patricia A. Mccoy, Susan M. Wachter Oct 2017

Why Cyclicality Matters To Access To Mortgage Credit, Patricia A. Mccoy, Susan M. Wachter

Patricia A. McCoy

Virtually no attention has been paid to the problem of cyclicality in debates over access to mortgage credit, despite its importance as a driver of tight credit. Housing markets are prone to booms accompanied by bubbles in mortgage credit in which lenders cut underwriting standards, leading to elevated loan defaults. During downturns, these cycles artificially impede access to mortgage credit for underserved communities. During upswings, these cycles make homeownership unnecessarily precarious for many who attain it. This volatility exacerbates wealth and income disparities by ethnicity and race. The boom-bust cycle must be addressed in order to assure healthy and sustainable ...


Has The Mortgage Pendulum Swung Too Far? Reviving Access To Mortgage Credit, Patricia A. Mccoy Oct 2017

Has The Mortgage Pendulum Swung Too Far? Reviving Access To Mortgage Credit, Patricia A. Mccoy

Patricia A. McCoy

In the wake of the financial crisis, mortgage lending to lower-income and minority borrowers overcorrected and has not recovered. Although homeownership is a riskier investment than previously realized, still it remains a proven path to increased wealth on balance for lower-income households. There are a number of reasonable reforms that could achieve greater access to credit while containing default risk. These include strategies to reduce down payments safely and to keep monthly payments manageable, combined with fixed-rate loans. Prepurchase counseling is important to preparing applicants for the financial demands of homeownership and strengthening their credit histories, while rapid foreclosure prevention ...


Foreword, Patricia A. Mccoy Oct 2017

Foreword, Patricia A. Mccoy

Patricia A. McCoy

In the wake of the financial crisis, mortgage lending to lower-income and minority borrowers overcorrected and has not recovered. Although homeownership is a riskier investment than previously realized, still it remains a proven path to increased wealth on balance for lower-income households. There are a number of reasonable reforms that could achieve greater access to credit while containing default risk. These include strategies to reduce down payments safely and to keep monthly payments manageable, combined with fixed-rate loans. Prepurchase counseling is important to preparing applicants for the financial demands of homeownership and strengthening their credit histories, while rapid foreclosure prevention ...


A New Coalescence In The Housing Finance Reform Debate?, Patricia Mccoy, Susan Wachter Mar 2017

A New Coalescence In The Housing Finance Reform Debate?, Patricia Mccoy, Susan Wachter

Patricia A. McCoy

This policy brief examines recent proposals for reform of the housing finance system.


Representations And Warranties: Why They Did Not Stop The Crisis, Patricia Mccoy, Susan Wachter Mar 2017

Representations And Warranties: Why They Did Not Stop The Crisis, Patricia Mccoy, Susan Wachter

Patricia A. McCoy

During the run-up to the 2008 financial crisis, representations and warranties (contractual statements enforceable through legal action) may have given investors false assurance that mortgage loans were being properly underwritten. This assurance in turn may have contributed to overinvestment in mortgage-backed securities in two ways. First, the assumption that legally enforceable penalties associated with reps and warranties would deter lax underwriting may have led to less monitoring of these contracts than would otherwise have occurred. In turn, the lack of monitoring of actual underwriting practices enabled the spread of lax lending practices. The existence of these reps and warranties and ...


Countercyclical Regulation And Its Challenges Jun 2016

Countercyclical Regulation And Its Challenges

Patricia A. McCoy

Historically, U.S. financial regulation has normally been procyclical, with federal regulators and Congress relaxing oversight during bull markets and cracking down once financial crises hit. After 2008, the wisdom of this approach came under attack. Critics argued that procyclical regulation left financial institutions undercapitalized and unable to withstand panics. Other critics asserted that economic downturns could be mitigated and even averted if regulators took steps to puncture asset bubbles.

The concept of countercyclical regulation responds to both of these critiques. This new approach posits that financial regulation would be more effective if financial regulation clamped down during financial expansions ...


Degrees Of Intermediation, Patricia A. Mccoy Feb 2016

Degrees Of Intermediation, Patricia A. Mccoy

Patricia A. McCoy

No abstract provided.


Access To Mortgage Credit 2.0, Patricia Mccoy Dec 2015

Access To Mortgage Credit 2.0, Patricia Mccoy

Patricia A. McCoy

Panel at the Association of American Law Schools 2016 Annual Meeting. At the same meeting, Professor McCoy participated in the panel Countercyclical Regulation and Its Challenges.


Climate Change And Insurance, Patricia Mccoy Dec 2015

Climate Change And Insurance, Patricia Mccoy

Patricia A. McCoy

Professor McCoy presented this lecture to the Insurance Law Section of the Boston Bar Association.


Panelist, Who Will Pay: The Public & Private Insurance Implications Of Climate Change's Drastic Challenges, Patricia Mccoy Nov 2015

Panelist, Who Will Pay: The Public & Private Insurance Implications Of Climate Change's Drastic Challenges, Patricia Mccoy

Patricia A. McCoy

Professor McCoy helped organize this conference and appeared as a panel commentator on three scholarly papers.


Market Conduct Regulation And Regulating By Risk, Patricia Mccoy Oct 2015

Market Conduct Regulation And Regulating By Risk, Patricia Mccoy

Patricia A. McCoy

Panel at the November 2015 Tulane Law Review Symposium.


Panelist, Best Practices In Consumer Disclosures Oct 2015

Panelist, Best Practices In Consumer Disclosures

Patricia A. McCoy

No abstract provided.


Founding Principles Of The Consumer Financial Protection Bureau Sep 2015

Founding Principles Of The Consumer Financial Protection Bureau

Patricia A. McCoy

No abstract provided.


Panelist, What Will Be The Effect Of The Department Of Labor’S Fiduciary Rule?, Patricia Mccoy Sep 2015

Panelist, What Will Be The Effect Of The Department Of Labor’S Fiduciary Rule?, Patricia Mccoy

Patricia A. McCoy

Panel at the 8th Annual Roundtable on Investment Funds at Boston University.


The Affordable Care Act After King V. Burwell: What's Next?, Patricia Mccoy Aug 2015

The Affordable Care Act After King V. Burwell: What's Next?, Patricia Mccoy

Patricia A. McCoy

Professor McCoy presented on the challenges and results of implementing the Affordable Care Act five years after the law's enactment, and discussed its long-term viability in the face of continuing challenges in the courts, Congress and presidential politics.


The Ephemeral Promise Of Annuitization For A Secure Retirement May 2015

The Ephemeral Promise Of Annuitization For A Secure Retirement

Patricia A. McCoy

No abstract provided.


Saving For Homeownership May 2015

Saving For Homeownership

Patricia A. McCoy

No abstract provided.


Amicus Brief Of Scholars Of Insurance Regulation In Metlife V. Fsoc May 2015

Amicus Brief Of Scholars Of Insurance Regulation In Metlife V. Fsoc

Patricia A. McCoy

This Amicus Brief of Scholars of Insurance Regulation involves MetLife's challenge to the Financial Stability Oversight Council’s ("FSOC") determination that material financial distress at the company could pose a threat to U.S. financial stability. The brief focuses on one central element of MetLife’s challenge -- that FSOC failed to adequately consider the strength of the state insurance regulatory system in designating MetLife as a systemically significant nonbank financial company. The amicus brief argues that FSOC’s designation of MetLife fairly accounts for state insurance regulation’s focus on protecting policyholders rather than mitigating systemic risk. It argues ...


Testimony Before Federal Banking Regulators On Regulatory Relief, Patricia Mccoy May 2015

Testimony Before Federal Banking Regulators On Regulatory Relief, Patricia Mccoy

Patricia A. McCoy

In this testimony before the Federal Reserve Board that was live-streamed nationally, Professor McCoy evaluated the need for regulatory relief in federal consumer protection laws. She will later file written testimony.


The Aca: What Does It Really Do? Apr 2015

The Aca: What Does It Really Do?

Patricia A. McCoy

No abstract provided.


Degrees Of Intermediation Mar 2015

Degrees Of Intermediation

Patricia A. McCoy

No abstract provided.


What Loss Mitigation Taught Us About Housing Finance Reform, Patricia Mccoy Feb 2015

What Loss Mitigation Taught Us About Housing Finance Reform, Patricia Mccoy

Patricia A. McCoy

This blog post describes the implications of the recent US loss mitigation experience for housing reform.


Banking Law Manual: Federal Regulation Of Financial Holding Companies, Banks And Thrifts (Semi-Annual Supplement) Dec 2014

Banking Law Manual: Federal Regulation Of Financial Holding Companies, Banks And Thrifts (Semi-Annual Supplement)

Patricia A. McCoy

No abstract provided.


Systemic Risk Oversight And The Shifting Balance Of State And Federal Authority Over Insurance Dec 2014

Systemic Risk Oversight And The Shifting Balance Of State And Federal Authority Over Insurance

Patricia A. McCoy

The state-based model of U.S. insurance regulation has been remarkably enduring to date, in part because the traditional rationales for a greater federal role – efficiency, uniformity, and consumer protection – have not succeeded in displacing it. However, the 2008 financial crisis, the federal government’s unprecedented bailouts of parts of the insurance sector, and the need for a coordinated international approach radically shifted the debate about the proper allocation of power between the federal government and the states by supplanting traditional concerns about efficiency, uniformity, and consumer protection in insurance with a new federal mission to control systemic risk. Unprepared ...