Professor Patricia A. McCoy, a nationally prominent scholar in financial services regulation, has been appointed as a member of the Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion. The committee was established in 2006 by Chairman Sheila C. Bair and the FDIC Board of Directors "to provide the FDIC with advice and recommendations on important initiatives focused on expanding access to banking services by underserved populations." (FDIC Website) The scope of the committee's work will include the review of basic retail financial services and other services that promote asset accumulation by individuals and financial stability.
Professor McCoy serves as the Connecticut Mutual Professor of Law and director of the Insurance Law Center. In 2010 and 2011, she joined the U.S. Department of the Treasury, where she helped form the new Consumer Financial Protection Bureau (CFPB), and, as the CFPB’s first assistant director for mortgage markets, oversaw the Bureau’s mortgage policy initiatives. She teaches a full array of financial services regulatory courses as well as business organizations.
Professor McCoy's research interests focus on the nexus between financial products, consumer welfare, and systemic risk, analyzed through the lens of law, economics, and empirical methods. In A Tale of Three Markets: The Law and Economics of Predatory Lending in the Texas Law Review in 2002, Professor McCoy was among the first to raise alarms about the dangers of subprime loans. She has three books to her credit, the most recent being The Subprime Virus with Kathleen Engel, published by Oxford University Press in 2011. The author of numerous book chapters and articles, she has testified before Congress and been quoted in The New York Times, Wall Street Journal, and The Washington Post and on National Public Radio. Previously, Professor McCoy was a visiting scholar at the MIT Economics Department and served on the Federal Reserve’s Consumer Advisory Council and on the board of the Insurance Marketplace Standards Association. In 2012, the American Law Institute named her as an adviser to the Third Restatement on Consumer Contracts.