8:00 AM
Member Only Breakfast

8:50 AM
Welcome & Introduction

Speaker

Susan Weinstock
President & CEO
Consumer Federation of America

9:00 AM
Opening Address: Congressman Greg Casar

United States House of Representatives

9:30 AM
Why Does Everything Feel Like a Ripoff?

From scams to dark patterns, consumer manipulation is causing everyday economic pain. Panelists will discuss the various ways consumers are being taken advantage of. Panelists will also discuss how consumer deception shapes the choices consumers make, what consumers pay, and the trust they lose. How can advocates and regulators push back against the “scam economy” that is eroding consumer wellbeing?

Moderator

Herb Weisbaum
Contributing Editor
Checkbook.org

Panelists: CFA Issue Area Experts

Corey Frayer
Director of Investor Protection

Courtney Griffin
Director of Consumer Product Safety

Thomas Gremillion
Director of Food Policy

Karim Marshall
Director of Climate & Energy Policy

Emily Peterson-Cassin
Director of Competition & Marketplace Fairness

9:30 AM
Why Does Everything Feel Like a Ripoff?

From scams to dark patterns, consumer manipulation is causing everyday economic pain. Panelists will discuss the various ways consumers are being taken advantage of. Panelists will also discuss how consumer deception shapes the choices consumers make, what consumers pay, and the trust they lose. How can advocates and regulators push back against the “scam economy” that is eroding consumer wellbeing?

Moderator

Herb Weisbaum
Contributing Editor
Checkbook.org

Panelists: CFA Issue Area Experts

Corey Frayer
Director of Investor Protection

Courtney Griffin
Director of Consumer Product Safety

Thomas Gremillion
Director of Food Policy

Karim Marshall
Director of Climate & Energy Policy

Emily Peterson-Cassin
Director of Competition & Marketplace Fairness

1:40 PM
Are the Cards in Your Wallet Unfair? An Update on Debit Card Interchange

The Fed has a new proposal to lower interchange on debit cards. Regulation II says interchange costs should be close to the cost of processing payments. Given that costs for processing payments have fallen in the last decade, the Federal Reserve intends to lower the permitted interchange rate for large banks with assets of more than $10 billion. Perspectives differ on the impact of applying caps to interchange fees. Banks are sending messages that reduced debit swipe fees will impact their ability to provide basic bank accounts. From the perspective of retailers, lower interchange would lead to lower operating costs for retailers. This panel will focus on how the rule could impact consumers.

3:00 PM
Should State and Federal Government Provide Insurance Premium Assistance to Help Address Housing Affordability?

As homeowners, affordable housing developers, and property owners face unprecedented increases in insurance premiums, policymakers and housing and consumer advocates are looking for new strategies to help lower-income homeowners stay in their homes and affordable housing entities continue to build and maintain the housing units needed to serve low- and moderate-income Americans. One strategy that has been discussed in recent years would provide taxpayer-funded assistance to lower-income homeowners and owners of affordable housing to cover a portion of property insurance premiums, which have increased by more than 50% in recent years. Panelists will discuss how such a program might be implemented and concerns about this approach to addressing rising insurance costs, including the possibility that it could encourage moral hazard and building in high-risk areas and that it might result in taxpayer subsidies of overpriced coverage.

4:00 PM
Maxed Out: The Specter of Surging Credit Card Balances on Consumer Financial Health

Earlier this year, total consumer credit card debt surpassed $1 trillion. CFPB research has revealed that the margin between the cost of funds and prevailing credit card interest rates has grown steadily. Approximately 15 banks issue 85 percent of all cards. These issuers charge higher interest rates than less popular cards, underscoring a lack of meaningful competition. In 2022, consumers paid $105 billion in interest and $14.5 billion in late fees. Regulators and legislators have shown interest in addressing these issues. Earlier this year, the CFPB finalized a rule to reduce late fees. In the Senate, legislators from both parties have introduced bills to cap credit card interest rates. In this panel, experts will discuss the implications of credit card debt on households and the economy and consider options to correct this market.

9:00 AM
Welcome

Speaker

Susan Weinstock
CEO
Consumer Federation of America

9:05 AM
The Rise of the Chatbots: Protecting Consumers When No One is There

Consumers expect a timely and well-informed response when they engage with financial institutions to resolve a problem. Increasingly, communications between consumers and their financial services providers will be conducted through chatbots. Their adoption is being driven by cost savings for banks, but what impact is it having on consumers? A 2023 report from the CFPB found that all ten largest banks have deployed chatbots and that almost 100 million consumers had interacted with one. In the last year, financial service providers have gone from using simple rule-based chatbots that only generate pre-approved answers to ones that use large language models and develop responses with generative AI. While chatbots may be useful for simple interactions, they may be poorly suited to resolve complex problems and not work equally well for all consumers. Adverse outcomes could erode consumer trust if models provide incorrect information, fail to solve a difficulty, or impede access to a real customer service person. In some cases, their performance could violate consumer protection laws, reveal private information, and make consumers vulnerable to scammers. This panel will explore the consumer protection issues raised by chatbots and the crucial need to identify and implement potential means to address them.

10:30 AM
Keynote Address

Speaker

Julia Barnard
Private Education Loan Ombudsman
Consumer Financial Protection Bureau