Professor Willis advocates the adoption of a performance-based approach to regulation to replace or supplement the current approach of disclosure and design regulation. We first discuss how benchmarks would be used in a performance-based approach and discuss the shortcomings of the current disclosure and design approach as well as behavioral economics in designing regulations. We then discuss how benchmarks would be determined in a performance-based approach and how audits would be conducted. We conclude by looking at use cases involving overdrafts and data privacy, the role of legislation and regulation in implementing the new approach, and how the new approach is being used in other countries. Alan Kaplinsky, Senior Counsel in Ballard Spahr’s Consumer Financial Services Group, leads the conversation.