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Articles 31 - 60 of 104
Full-Text Articles in Law
Foreword For Regulation In The Fringe Economy Symposium, John P. Caskey
Foreword For Regulation In The Fringe Economy Symposium, John P. Caskey
Washington and Lee Law Review
No abstract provided.
Mortgaging Human Capital: Federally Funded Subprime Higher Education, Jean Braucher
Mortgaging Human Capital: Federally Funded Subprime Higher Education, Jean Braucher
Washington and Lee Law Review
The for-profit higher education sector, primarily funded by federal student aid dollars, produces both the highest debts and defaults and lowest completion rates for its students. In response, the U.S. Department of Education (DOE) has promulgated the Gainful Employment Rule to require for-profit colleges and universities to meet either repayment or debt-to-income benchmarks to remain eligible to receive federal Higher Education Act funding. This Article describes the business model of the career colleges and their rapid growth over the last decade, the history of proprietary school regulation, the limited remedies for overindebtedness of former students, and the tests imposed by …
Payday Lending, Bankruptcy, And Insolvency, Richard Hynes
Payday Lending, Bankruptcy, And Insolvency, Richard Hynes
Washington and Lee Law Review
Economic theory suggests that payday lending can either increase or decrease consumer welfare. Consumers can use payday loans to cushion the effects of financial shocks, but payday loans may also increase the chance that consumers will succumb to temptation or cognitive errors and seek instant gratification. Both supporters and critics of payday lending have alleged that the welfare effects of the industry can be substantial and that the legalization of payday lending can even have measurable effects on proxies for financial distress, such as bankruptcy, foreclosure, and property crime. Critics further allege that payday lenders target minority and military communities, …
Congress Protected The Troops: Can The New Cfpb Protect Civilians From Payday Lending?, Creola Johnson
Congress Protected The Troops: Can The New Cfpb Protect Civilians From Payday Lending?, Creola Johnson
Washington and Lee Law Review
In 2007, Congress enacted a law, commonly referred to as the Military Lending Act (MLA), which placed a 36% interest rate cap on several consumer loans, including payday loans, and prohibits lenders from engaging in several practices considered predatory. However, the MLA grants these protections only to active-duty military members and their dependent family members. In the wake of the mortgage foreclosure crisis, Congress passed and President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd–Frank Act), which creates a new federal agency, the Bureau of Consumer Financial Protection (CFPB), to focus on …
The Alliance Between Payday Lenders And Tribes: Are Both Tribal Sovereignty And Consumer Protection At Risk?, Nathalie Martin, Joshua Schwartz
The Alliance Between Payday Lenders And Tribes: Are Both Tribal Sovereignty And Consumer Protection At Risk?, Nathalie Martin, Joshua Schwartz
Washington and Lee Law Review
No abstract provided.
Loan Sharks, Interest-Rate Caps, And Deregulation, Robert Mayer
Loan Sharks, Interest-Rate Caps, And Deregulation, Robert Mayer
Washington and Lee Law Review
The specter of the loan shark is often conjured by advocates of price deregulation in the market for payday loans. If binding price caps are imposed, the argument goes, loan sharks will be spawned. This is the loan-shark thesis. This Article tests that thesis against the historical record of payday lending in the United States since the origins of the quick-cash business around the Civil War. Two different types of creditors have been derided as “loan sharks” since the epithet was first coined. One used threats of violence to collect its debts but the other did not. The former has …
Regulation Of Payday Loans: Misguided?, Paige Marta Skiba
Regulation Of Payday Loans: Misguided?, Paige Marta Skiba
Washington and Lee Law Review
Since payday lenders came on the scene in 1990s, regulation of their “predatory” practices has been swift and often severe. Fourteen states now ban payday loans outright. From an economist’s perspective, high-interest, short-term, small loans need not be a bad thing. Payday credit can help borrowers “smooth” consumption, unequivocally improving welfare as consumers borrow from future good times to help cover current shortfalls. These benefits of credit can accrue even at typical payday loan interest rates of 300%–600% APR. The question of whether payday credit actually assists borrowers in this way is an empirical one. In this Article, I review …
Payday Loan Prohibitions: Protecting Financially Challenged Consumers Or Pushing Them Over The Edge?, William M. Webster, Iv
Payday Loan Prohibitions: Protecting Financially Challenged Consumers Or Pushing Them Over The Edge?, William M. Webster, Iv
Washington and Lee Law Review
As recovery from the economic downturn continues, American consumers face an unabated need for short-term, small-dollar credit. To cope with this need, millions choose to take out payday loans. Often the subject of controversy and criticism, these loans have become a mainstream credit option, considered by consumers alongside so-called “traditional” credit products offered by banks and credit unions. This article examines the issues surrounding payday loans, including consumer credit needs, critical options for fulfilling those needs and consumer rationale, from the perspective of Advance America, Cash Advance Centers, Inc., the country’s largest non-bank provider of cash advance services. When faced …
The Economics And Regulation Of Bank Overdraft Protection, Todd J. Zywicki
The Economics And Regulation Of Bank Overdraft Protection, Todd J. Zywicki
Washington and Lee Law Review
Consumer use of bank overdraft protection has risen rapidly over the past decade, leading to increased scrutiny and the imposition of new regulations. Public and political debate regarding overdraft protection has highlighted anecdotal stories about irresponsible college students who overdraw their accounts to buy a cup of coffee, thereby triggering substantial overdraft fees. But there has been little systematic examination of the safety and soundness or consumer protection issues implicated by the increased use of overdraft protection. Available evidence indicates that those who rely on overdraft protection tend to have low credit ratings and use overdraft protection to maintain short-term …
Credit Ratings In Insurance Regulation: The Missing Piece Of Financial Reform, John Patrick Hunt
Credit Ratings In Insurance Regulation: The Missing Piece Of Financial Reform, John Patrick Hunt
Washington and Lee Law Review
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 directed federal financial regulators to remove credit ratings from their rules, but had nothing to say about the use of credit ratings by state insurance regulators. This omission is significant because insurers own nearly twice as many foreign, corporate, and municipal bonds as banks do. During the 2000s, state insurance regulators came to rely increasingly on rating agencies rather than the regulators’ in-house valuation office to assess the credit risks of these holdings. After the perceived widespread failure of ratings in the crisis, the insurance regulators did undertake a …
Credit Rating Agencies Deserve Credit For The 2007–2008 Financial Crisis: An Analysis Of Cra Liability Following The Enactment Of The Dodd-Frank Act, Steven Harper
Washington and Lee Law Review
No abstract provided.
Unjust Impoverishment: Using Restitution Reasoning In Today’S Mortgage Crisis, Peter Linzer, Donna L. Huffman
Unjust Impoverishment: Using Restitution Reasoning In Today’S Mortgage Crisis, Peter Linzer, Donna L. Huffman
Washington and Lee Law Review
No abstract provided.
Why Banks Are Not Allowed In Bankruptcy, Richard M. Hynes, Steven D. Walt
Why Banks Are Not Allowed In Bankruptcy, Richard M. Hynes, Steven D. Walt
Washington and Lee Law Review
Unlike most other countries, the United States uses different Procedures to resolve insolvent banks and nonbank firms. The Bankruptcy Code divides control over nonbank firms among the various claimants, and a judge supervises the resolution process. By contrast, the FDIC acts as the receiver for an insolvent bank and has almost complete con trol. Other claimants can sue the FDIC, but they cannot obtain injunctive relief and their damages are limited to the amount that they would have received in liquidation. The FDIC has acted as the receiver of insolvent banks since the Great Depression, and the concentration of power …
When Securitization Complicates The Issue: What Are The Homeowner's Defenses To Foreclosure?, Victoria V. Corder
When Securitization Complicates The Issue: What Are The Homeowner's Defenses To Foreclosure?, Victoria V. Corder
Washington and Lee Journal of Civil Rights and Social Justice
No abstract provided.
The Aig Bailout, William K. Sjostrum, Jr.
The Aig Bailout, William K. Sjostrum, Jr.
Washington and Lee Law Review
On February 28, 2008, American International Group, Inc., the then largest insurance company in the United States, announced 2007 earnings of $6.20 billion or $2.39per share. Its stock closed that day at $50.15 per share. Less than seven months later, however, AIG was on the verge of bankruptcy and had to be rescued by the United States government through an $85 billion loan. Government aid has since grown to $182.5 billion, and AIG's stock recently traded at less than $1.00 per share. The Article explains why AIG, a company with $1 trillion in assets and $95.8 billion in shareholders' equity, …
Achieving The American Dream In Debt? Why The Usa Patriot Act Puts Undocumented Immigrants At Risk For Abuse By The Payday Loan Industry, Katherine Houren
Achieving The American Dream In Debt? Why The Usa Patriot Act Puts Undocumented Immigrants At Risk For Abuse By The Payday Loan Industry, Katherine Houren
Washington and Lee Journal of Civil Rights and Social Justice
No abstract provided.
Prohibiting De Facto Insurance Redlining: Will Hurricane Katrina Draw A Discriminatory Redline In The Gulf Coast Sands Prohibiting Access To Home Ownership?, Steven Plitt, Daniel Maldonado
Prohibiting De Facto Insurance Redlining: Will Hurricane Katrina Draw A Discriminatory Redline In The Gulf Coast Sands Prohibiting Access To Home Ownership?, Steven Plitt, Daniel Maldonado
Washington and Lee Journal of Civil Rights and Social Justice
No abstract provided.
Assessing A Decade Of Interstate Bank Branching, Christian A. Johnson, Tara Rice, Ph. D.
Assessing A Decade Of Interstate Bank Branching, Christian A. Johnson, Tara Rice, Ph. D.
Washington and Lee Law Review
Since its inception, US. banking regulation has effectively prohibited a bank from opening or owning a branch located outside of its home state, commonly referred to as interstate branching. Only since the passage of the Riegle-Neal Interstate Banking and Branching Efficiency Act (IBBEA) of 1994 have banks been able to engage in interstate branching, albeit still subject to significant state restrictions. Despite IBBEA 's removal of those barriers, it still allowed the states to impose anticompetitive restrictions governing the entry of out-of-state banks through the establishment of branch offices. As a result, states that were opposed to entry used IBBEA …
Racial Dimensions Of Credit And Bankruptcy, David A. Skeel, Jr.
Racial Dimensions Of Credit And Bankruptcy, David A. Skeel, Jr.
Washington and Lee Law Review
No abstract provided.
Environmental Superliens And The Problem Of Mortgage-Backed Securitization, Jonathan Remy Nash
Environmental Superliens And The Problem Of Mortgage-Backed Securitization, Jonathan Remy Nash
Washington and Lee Law Review
No abstract provided.
Civil Rights And Mortgage Lending Discrimination: Establishing A Prima Facie Case Under The Disparate Treatment Theory, G. Carol Brani
Civil Rights And Mortgage Lending Discrimination: Establishing A Prima Facie Case Under The Disparate Treatment Theory, G. Carol Brani
Washington and Lee Journal of Civil Rights and Social Justice
No abstract provided.
Nodak Bancorporation V. Clarke And Lewis V. Clark: Squeezing Out "Squeeze-Out" Mergers Under The National Bank Act, Thomas W. Maddi
Nodak Bancorporation V. Clarke And Lewis V. Clark: Squeezing Out "Squeeze-Out" Mergers Under The National Bank Act, Thomas W. Maddi
Washington and Lee Law Review
No abstract provided.
Unwrapping The Wraparound Mortgage Foreclosure Process
Unwrapping The Wraparound Mortgage Foreclosure Process
Washington and Lee Law Review
No abstract provided.
The Private Mortgage Insurer's Action For Rescission For Misrepresentation: Limiting Apotential Threat To Private Sectorparticipation In The Secondary Mortgagemarket, Franklin D. Cordell
The Private Mortgage Insurer's Action For Rescission For Misrepresentation: Limiting Apotential Threat To Private Sectorparticipation In The Secondary Mortgagemarket, Franklin D. Cordell
Washington and Lee Law Review
No abstract provided.
Lender Liability And Discretionary Lending: Putting The Good Faith Performance Standard In Perspective
Washington and Lee Law Review
No abstract provided.
Deregulation, Reregulation, And The Myth Of The Market, Edward L. Rubin
Deregulation, Reregulation, And The Myth Of The Market, Edward L. Rubin
Washington and Lee Law Review
No abstract provided.
The Myth Of "Reregulation": The Interest Group Dynamics Of Regulatory Change In The Financial Services Industry, Jonathan R. Macey
The Myth Of "Reregulation": The Interest Group Dynamics Of Regulatory Change In The Financial Services Industry, Jonathan R. Macey
Washington and Lee Law Review
No abstract provided.
The Preexisting Relationship Doctrine Under Regulation D: A Rule Without Reason?, David B.H. Martin, Jr., L. Keith Parsons
The Preexisting Relationship Doctrine Under Regulation D: A Rule Without Reason?, David B.H. Martin, Jr., L. Keith Parsons
Washington and Lee Law Review
No abstract provided.
Integration Of Securities Offerings: Obstacles To Capital Formation Remain For Small Businesses, Perry E. Wallace, Jr.
Integration Of Securities Offerings: Obstacles To Capital Formation Remain For Small Businesses, Perry E. Wallace, Jr.
Washington and Lee Law Review
No abstract provided.
Destroying The Barriers Between Commercial And Investment Banking: Should Congress Repeal The Glass-Steagall Act?
Washington and Lee Law Review
No abstract provided.