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Articles 1 - 11 of 11
Full-Text Articles in Consumer Protection Law
Challenges Under Truth In Lending: Suing For Rescission, Giving Clear And Conspicuous Notice, And Electing Not To Rescind, Elwin Griffith
Challenges Under Truth In Lending: Suing For Rescission, Giving Clear And Conspicuous Notice, And Electing Not To Rescind, Elwin Griffith
Akron Law Review
This Article reveals that the uniformity sought by Congress through TILA has challenged the courts to clarify the relationship between a notice of rescission and a suit for rescission, the relevance of the consumer’s ability to tender the loan principal, and the difficulty of recognizing a creditor’s attempt to accommodate a consumer’s premature election not to cancel a transaction.
Avoiding The Nuclear Option: Balancing Borrower And Lender Rights Under The Truth In Lending Act’S Right Of Rescission , Jonathan L. Caulder
Avoiding The Nuclear Option: Balancing Borrower And Lender Rights Under The Truth In Lending Act’S Right Of Rescission , Jonathan L. Caulder
Washington and Lee Law Review
No abstract provided.
Behaviorally Informed Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Behaviorally Informed Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Book Chapters
Policy makers typically approach human behavior from the perspective of the rational agent model, which relics on normativc, a priori analyses. The model assumes people make insightful, well-planned, highly controlled, and calculated decisions guided by considerations of personal utility. This perspective is promoted in the social sciences and in professional schools and has come to dominate much of the formulation and conduct of policy. An alternative view, developed mostly through empirical behavioral research, and the one we will articulate here, provides a substantially difierent perspective on individual behavior and its policy and regulatory implications. According to the empirical perspective, behavior …
Notice Is Not Enough: Why Tila Requires More Than A Letter Of Intent, Levi Smith
Notice Is Not Enough: Why Tila Requires More Than A Letter Of Intent, Levi Smith
University of Michigan Journal of Law Reform Caveat
The federal Truth in Lending Act (TILA) provides borrowers with protections and remedies against certain actions by lenders. TILA allows, in some circumstances, a borrower to rescind a loan from a lender within a three-year period from when the loan is made. However, a circuit split has developed regarding how the right to rescind must be exercised. Of the circuits that have considered this question, some require a lawsuit to be filed within the three-year period to rescind the loan. Other circuits have held that providing notice of the intent to rescind the loan within the three-year period is sufficient …
Ability To Pay, John A. E. Pottow
Ability To Pay, John A. E. Pottow
Articles
The landmark Dodd-Frank Act of 2010 ("Dodd-Frank") transforms the regulation of consumer credit in the United States. Many of its changes have been high-profile, attracting considerable media and scholarly attention, most notably the establishment of the Consumer Financial Protection Bureau ("CFPB"). Even specific consumer reforms, such as a so-called "plain vanilla" proposal, drew hot debate and lobbying firepower. But when the dust settled, one profoundly transformative innovation that did not garner the same outrage as plain vanilla or the CFPB did get into the law: imposing upon lenders a duty to assure a borrower's ability to repay. Ensuring a borrower's …
The Case For Behaviorally Informed Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
The Case For Behaviorally Informed Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Book Chapters
Policymakers approach human behavior largely through the perspective of the “rational agent” model, which relies on normative, a priori analyses of the making of rational decisions. This perspective is promoted in the social sciences and in professional schools, and has come to dominate much of the formulation and conduct of policy. An alternative view, developed mostly through empirical behavioral research, provides a substantially different perspective on individual behavior and its policy implications. Behavior, according to the empirical perspective, is the outcome of perceptions, impulses, and other processes that characterize the impressive machinery that we carry behind the eyes and between …
An Opt-Out Home Mortgage System, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
An Opt-Out Home Mortgage System, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Other Publications
The current housing and financial crisis has led to significant congressional and executive action to manage the crisis and stem the harms from it, but the fundamental problems that caused the crisis remain largely unaddressed. The central features of the industrial organization of the mortgage market with its misaligned incentives, and the core psychological and behavioral phenomena that drive household financial decisionmaking remain. While the causes of the mortgage meltdown are myriad and the solutions likely to be multifaceted, a central problem that led to the crisis was that brokers and lenders offered loans that looked much less expensive and …
Behaviorally Informed Financial Services Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Behaviorally Informed Financial Services Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Other Publications
Financial services decisions can have enourmous consequences for household well-being. Households need a range of financial services - to conduct basic transactions, such as receiving their income, storing it, and paying bills; to save for emergency needs and long-term goals; to access credit; and to insure against life's key risks. But the financial services system is exceedingly complicated and often not well-designed to optimize house-hold behavior. In response to the complexity of out financial system, there has been a long running debate about the appropriate role and form of regulation. Regulation is largely stuck in two competing models - disclosure, …
Unsafe At Any Price, Ronald J. Mann
Unsafe At Any Price, Ronald J. Mann
Faculty Scholarship
Making Credit Safer is a fascinating collaboration between two scholars of very different bents. Elizabeth Warren's career rests oil decades of careful empirical research, integrated into trenchant policy analysis, and deeply informed by the cultural and social significance of debt. Oren Bar-Gill, by contrast, is a formally trained economist, who is at the start of his academic career, and has gained wide recognition for his successful application of theories of behavioral economics to the products that dominate the modern credit card industry.
Rethinking Disclosure In A World Of Risk-Based Pricing
Rethinking Disclosure In A World Of Risk-Based Pricing
Patricia A. McCoy
The residential mortgage market in the United States has changed significantly since the passage of current federal mortgage disclosure laws in the 1960s and 1970s. In this Article, Professor Patricia McCoy advocates for the reform of these traditional disclosure rules. After describing the evolution of the subprime mortgage market and providing a description of current federal disclosure laws, she explores how these new market dynamics cause the traditional disclosure rules to break down in the subprime market. Professor McCoy concludes with proposals to counteract false advertising practices, facilitate "meaningful comparison-shopping, and formulate streamlined disclosures addressing loan applicants' greatest concerns in …
State Consumer Protection Statutes: An Alternative Approach To Solving The Problem Of Predatory Mortgage Lending, Jessica Fogel
State Consumer Protection Statutes: An Alternative Approach To Solving The Problem Of Predatory Mortgage Lending, Jessica Fogel
Seattle University Law Review
This article continues in Part II by defining predatory lending practices, identifying borrowers who are likely to face predatory lenders, and discussing the consequences of predatory lending. Next, Part III provides a background for existing federal regulation, again in reference to RESPA and TILA. Part IV discusses state legislative efforts to curb predatory lending and identifies the problems of inconsistency and federal exemptions that undermine these state statutes. Part V examines the elements of state consumer protection acts and unfair and deceptive acts or practices ("UDAP") statutes and their application to predatory practices. Part VI argues that, because consumer protection …