View Selected Experts

Our extensive network includes top experts from academia and industry.

Our extensive network includes top experts from academia and industry.

Victor Stango

Professor, Graduate School of Management,
University of California, Davis

Victor Stango specializes in retail banking, consumer finance, and behavioral economics. He has served as an expert witness in matters involving consumers’ experiences, usage, and understanding of various financial products, including consumer finance class actions related to disclosure statements and agreements. Professor Stango has testified in deposition and at trial.

Professor Stango’s current research focuses on consumer financial decision making over both short- and long-term time horizons. He has also examined consumer financial products such as credit cards, demand deposit accounts, ATMs, and payday loans. His other current work examines how information technology outsourcing affects firms and consumers in the financial services industry. Professor Stango also analyzes issues related to data breach and data privacy.

Professor Stango was formerly a senior economist at the Federal Reserve Banks of Chicago and New York. He has earned recognition for outstanding teaching and is an associate editor of the International Journal of Industrial Organization. His writing has appeared in major news outlets, and his research has been published in leading academic journals, including the American Economic Review, the Journal of Finance, and the Review of Financial Studies.

Our extensive network includes top experts from academia and industry.

Ronald T. Wilcox

NewMarket Corporation Professor of Business Administration,
Darden School of Business,
University of Virginia

Ronald Wilcox is an expert in marketing research, marketing analytics, customer relationship management, marketing of financial services, and branding. His litigation experience includes analysis of class certification and damages issues, as well as conducting and rebutting consumer surveys, including conjoint surveys. Professor Wilcox has also provided trial testimony related to branding.

Professor Wilcox formerly served as an economist at the U.S. Securities and Exchange Commission. He was also an assistant professor at the Carnegie Mellon Graduate School of Industrial Administration. Professor Wilcox has consulted to numerous companies, including Sikorsky, Johnson & Johnson, and Visa.

Professor Wilcox’s research has appeared in the Journal of Marketing ResearchManagement ScienceMarketing Science, and other leading marketing and finance journals. His findings have been cited in the Wall Street Journal, the Washington Post, and Businessweek.

He is a frequent contributor to Forbes and the author of the book Whatever Happened to Thrift? Why Americans Don’t Save and What to Do about It, published by Yale University Press and listed among the Top Five Business Books of 2008 by Kiplinger. Professor Wilcox also coauthored the book Cutting-Edge Marketing Analytics: Real World Cases and Data Sets for Hands On Learning, on the use of customer data to improve marketing decisions, published by FT Press.

Our extensive network includes top experts from academia and industry.

Mark J. Garmaise

Professor of Finance,
UCLA Anderson School of Management,
University of California, Los Angeles

Mark Garmaise is a corporate finance expert who specializes in topics related to banking, entrepreneurship, financial contracting, real estate, and securities. Professor Garmaise has testified in high-profile cases involving breach of contract, valuation, and damages. In Rule 10b-5 securities class actions and related opt-out matters, he has provided expert testimony on class certification and merits issues, including market efficiency, price impact, loss causation, and damages.

His industry experience includes FinTech, cryptocurrency, entertainment, financial services, investment banking, automotive, and microfinance. Professor Garmaise has also consulted with a U.S. bank on refining its residential mortgage delinquency model.

Professor Garmaise analyzes a range of complex issues affecting real estate markets, entrepreneurial firms, venture capital, and private equity. He has published papers on mortgage terms, the performance of small business lenders, and the effects of financial constraints on entrepreneurs. His research has appeared in peer-reviewed publications such as the Review of Financial Studies, the Journal of Finance, and the Quarterly Journal of Economics.

An award-winning instructor with more than two decades of experience, Professor Garmaise teaches MBA and executive courses on corporate finance, venture capital, and private equity (including investment strategies such as the use of special purpose acquisition companies, or SPACs). He is a former senior associate dean of the MBA program at the UCLA Anderson School of Management. Previously, Professor Garmaise served on the faculty of the University of Chicago Booth School of Business.

Consumer Finance Capabilities

When consumer finance firms come under scrutiny from the CFPB or other agencies, they turn to Cornerstone Research staff and experts to respond to such regulatory investigations. We have assisted in responding to allegations of unfair, deceptive, and/or abusive practices (UDAAP) in violation of various U.S. statutes.

  • Electronic Funds Transfer Act (EFTA)
  • Fair Credit Reporting Act (FCRA)
  • Real Estate Settlement Procedures Act (RESPA)
  • Right to Financial Privacy Act (RFPA)
  • Telemarketing and Consumer Fraud and Abuse Prevention Act (TCFAPA)
  • Telephone Consumer Protection Act (TCPA)
  • Truth in Lending Act (TLA)

We work with some of the largest providers of consumer finance products in matters involving mortgage and appraisal services, credit card products, student loans, subprime and other loans, credit reporting practices, and collection practices. For client matters that involve issues of customer understanding and expectations, our experts and staff use sophisticated tools of economic analysis to model consumer behavior.

We address pricing, competition, securitization, and business models in the credit card industry. Our staff and affiliated experts have estimated potential damages for banks facing class actions alleging improper overdraft fees on debit cards. Representative matters include:

  • Addressed pricing, competition, securitization, and business models in the credit card industry
  • Analyzed consumer behavior and repayment expectations for a major credit card issuer that changed agreement terms, and assessed the pertinent regulatory and economic factors
  • Estimated potential damages for banks facing class actions alleging improper overdraft fees on debit cards

Representative matters include:

  • Reviewed loan term disclosures and analyzed subsequent consumer behavior to assess customer comprehension of the disclosures
  • Evaluated the economics of, and capital flows within, the student loan industry

Representative matters include:

  • Investigated claims that appraisals were inflated as a result of an alleged conspiratorial agreement between a lender and an appraisal management firm.
  • Analyzed consumer behavior to assess if borrowers suffered economic harm as a result of Electronic Funds Transfer (EFT) enrollment

Cornerstone Research provides consulting expertise and supports testifying experts across a wide spectrum of timely and relevant FinTech issues.

  • Cryptocurrency Market Microstructure
  • Cryptotoken Economics
  • Damages and Token Valuation
  • Blockchain Technology
  • Consumer Financial Services

Representative matters include:

  • Evaluated how existing consumer finance regulation applies to new platforms and how borrowers interact with developing technology for loan products
  • Analyzed financial “robo-advisors” and how automated investment strategies perform relative to alternative portfolios under different risk-return scenarios

Featured Cases

Featured Publications

19 January 2022

SEC Cryptocurrency Enforcement: 2021 Update

Under the new administration, the SEC has continued its role as one of the main regulators in the cryptocurrency space.

10 November 2021

CME Ether futures: How is the contract designed?

The authors discuss how the CME Group calculates the price index underlying futures contracts based on the cryptocurrency Ether.

3 November 2021

SEC Cryptocurrency Enforcement: Q3 2021 Update

Under the Biden administration, the SEC continues to be active in policing the cryptocurrency space with 19 enforcement actions related to cryptocu...

28 July 2021

Cornerstone Research Connects: SEC Cryptocurrency Enforcement—Q3 2013–Q4 2020

The authors discuss key trends of the SEC’s enforcement actions against digital asset market participants.

12 March 2021

Using Surveys In Consumer Finance Litigation

The authors consider how surveys can help address key issues regarding consumer financial decision-making in litigation and regulatory enforcement ...

25 January 2021

Cornerstone Research Experts in Focus: Mark Garmaise

Nick Yavorsky interviews Mark Garmaise, Professor of Finance at the UCLA Anderson School of Management. Professor Garmaise discusses his research o...

11 September 2018

Consumer Complaints to the CFPB: Historical and Emerging Trends

The authors examine more than one million consumer complaints logged in the Consumer Financial Protection Bureau (CFPB) database.

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