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Series

Boston College Law School

Banking and Finance Law

Consumer Protection Law

Publication Year

Articles 1 - 7 of 7

Full-Text Articles in Law

Systemic Risk Oversight And The Shifting Balance Of State And Federal Authority Over Insurance, Patricia A. Mccoy Dec 2015

Systemic Risk Oversight And The Shifting Balance Of State And Federal Authority Over Insurance, Patricia A. Mccoy

Boston College Law School Faculty Papers

The state-based model of U.S. insurance regulation has been remarkably enduring to date, in part because the traditional rationales for a greater federal role – efficiency, uniformity, and consumer protection – have not succeeded in displacing it. However, the 2008 financial crisis, the federal government’s unprecedented bailouts of parts of the insurance sector, and the need for a coordinated international approach radically shifted the debate about the proper allocation of power between the federal government and the states by supplanting traditional concerns about efficiency, uniformity, and consumer protection in insurance with a new federal mission to control systemic risk. Unprepared ...


The Consumer Financial Protection Bureau: Financial Regulation For The 21st Century, Patricia A. Mccoy, Leonard Kennedy, Ethan Bernstein Jul 2012

The Consumer Financial Protection Bureau: Financial Regulation For The 21st Century, Patricia A. Mccoy, Leonard Kennedy, Ethan Bernstein

Boston College Law School Faculty Papers

After existing regulatory systems failed to prevent the recent financial crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, a sweeping reform designed to alleviate the crisis and prevent its recurrence. Out of this Act, the Consumer Financial Protection Bureau was born. This new agency is charged with making markets for consumer financial products and services work for Americans, a task that was previously spread out among seven different federal agencies with varying priorities. This Article describes, with a series of concrete case studies, four key principles that have guided the Bureau as it strives to fulfill ...


Federal Preemption And Consumer Financial Protection: Past And Future, Patricia A. Mccoy, Kathleen C. Engel Mar 2012

Federal Preemption And Consumer Financial Protection: Past And Future, Patricia A. Mccoy, Kathleen C. Engel

Boston College Law School Faculty Papers

Starting in 1995 and throughout the subprime boom during the next decade, Congress failed to take action to curb predatory mortgage lending. Many states and cities filled the void by passing anti-predatory lending laws of their own. Lenders, worried about potential liability, quickly organized a full-scale attack on the state and local initiatives. Their most potent strategy lay in challenging the laws and ordinances under federal preemption rules for national banks and federal savings associations that precluded states from enforcing their anti-predatory lending laws.

The Dodd-Frank Act curtailed the preemption rules by establishing that state consumer financial laws can only ...


Public Engagement In Rulemaking: The Consumer Financial Protection Bureau’S New Approach, Patricia A. Mccoy Jan 2012

Public Engagement In Rulemaking: The Consumer Financial Protection Bureau’S New Approach, Patricia A. Mccoy

Boston College Law School Faculty Papers

No abstract provided.


A Tale Of Three Markets: The Law And Economics Of Predatory Lending, Kathleen C. Engel, Patricia A. Mccoy May 2002

A Tale Of Three Markets: The Law And Economics Of Predatory Lending, Kathleen C. Engel, Patricia A. Mccoy

Boston College Law School Faculty Papers

Predatory lending - the practice of making exploitative high-cost loans to naive borrowers - has spurred policy-makers, activists, lenders and scholars to debate whether intervention is warranted and, if so, what type of intervention is appropriate. The solution requires understanding the incentives in the home mortgage market that have fueled predatory lending. Recent changes in the credit market have created new possibilities for lenders to profit by exploiting information asymmetries to the detriment of unsophisticated borrowers. As a result, a new, predatory lending market has emerged alongside the legitimate prime and subprime home mortgage markets. Neither market forces nor existing legal remedies ...


The Cra Implications Of Predatory Lending, Kathleen C. Engel, Patricia A. Mccoy Apr 2002

The Cra Implications Of Predatory Lending, Kathleen C. Engel, Patricia A. Mccoy

Boston College Law School Faculty Papers

This article considers the Community Reinvestment Act's role in combating predatory lending. It provides an overview of the CRA, explains how CRA-covered lenders may enable predatory lending and explores the relationship between the CRA, federal subsidies and predatory lending. The article concludes that the CRA should be used to penalize lenders that engage in predatory lending and recommends that federal bank regulators use CRA to sanction behavior that could encourage further predatory lending.


Taxing Personhood: Estate Taxes And The Compelled Commodification Of Identity, Ray D. Madoff Jun 1998

Taxing Personhood: Estate Taxes And The Compelled Commodification Of Identity, Ray D. Madoff

Boston College Law School Faculty Papers

In this Article, Professor Madoff explores the ways in which the blunt tools of the wealth tax, and in particular the estate tax, uses a one-size-fits-all system to impose a tax on all property interests owned at the time of one’s death. Professor Madoff illustrates the ways in which these blunt tools can produce problematic results by examining their application to the right of publicity, a newly recognized property interest. Professor Madoff suggests that the imposition of the estate tax can force the commodification of an individual’s identity, regardless of one’s desire to refrain from marketing their ...