The Government Accountability Office’s released a report yesterday backing a point the financial services industry has been making for years: the Financial Stability Oversight Council needs to open up about the process it uses to determine whether to label insurance companies, finance companies, asset managers, and other non-bank financial companies as “systemically important” and to subject them to bank-centric regulations established by the Federal Reserve.
As Senior Director for Consumer Financial Services, Anne Wallace leads the Roundtable’s regulatory efforts involving the Consumer Financial Protection Board and the prudential regulators and coordinates the Roundtable’s CFPB Working Group which is made up of lawyers and executives from Roundtable member companies. The Working Group provides a forum for member companies to share information and experience as well as participate in the development of industry positions that the Roundtable will advocate.
A nationally recognized expert on consumer financial services and payments law, Wallace brings to FSR and its members four decades experience in government, private practice, corporate counsel and consulting, all focused on consumer financial services. Wallace began her legal career with the Board of Governors of the Federal Reserve Board where she served as Assistant Director of the Division of Consumer and Community Affairs and drafted the regulations that implemented key consumer credit laws including the Equal Credit Opportunity Act, the Electronic Funds Transfer Act and the Community Reinvestment Act. She also served as lead counsel for the U S. Treasury Department’s Electronic Benefit Transfer (EBT) program and other innovative programs as part of the conversion of federal government payments and collections from paper to electronic transactions.
Wallace served as general counsel of CoreStates Bank of Delaware and as corporate counsel at Columbia First Savings Bank, Arlington, VA. She practiced law with Wolf Block Schorr and Solis-Cohen, Arnold & Porter and Alston & Bird where she advised clients on consumer financial services issues. Wallace founded the financial services privacy consulting practice at KPMG Consulting and provided strategic advice on privacy and consumer financial services to the nation’s largest financial services companies. Wallace is also the President of the Identity Theft Assistance Corporation, a nonprofit corporation that operates ITAC, the Identity Theft Assistance Center. Beginning in 2003, she worked with Roundtable companies and stakeholders to create ITAC Victim Assistance, a unique collaborative service that is supported by Roundtable members and provides victim assistance free to the consumer.
A graduate of Boston University Law School and Fordham University, Wallace is a longstanding member of Banking and Consumer Financial Services Committees of the American Bar Association’s Business Law Section. She was recognized by her peers through election to the American College of Consumer Financial Services Lawyers.