The proliferation of abusive financial practices certainly played a notorious role in the financial crisis. Calls to reform the sector have included proposals to create a new and independent Consumer Financial Protection Agency (CFPA). Advocates have argued the next regulatory regime must be designed with the consumer-and not just financial institutions-in mind. A new agency could remake the financial services landscape by elevating the interests of consumers and articulating a set of principles, such as transparency, simplicity, and fairness, which will drive future product regulations. Others voice concern about excessive regulatory burdens and a contraction of responsible credit.

At this recent New America Foundation event, panelists discussed the legislation passed by the House of Representatives and the debate now in the Senate. Is this a foundation for an entirely new consumer banking system? What regulatory pitfalls need to be navigated? How can policy ensure market conditions for better matching consumers with appropriate products in a fair and transparent manner? What is the relationship between consumer protection, access to high-quality financial products, and bank safety and soundness? Where is the debate headed?

For the complete executive summary, please click here.

Click to watch video of the whole event, the first panel, or the second panel.