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Full-Text Articles in Law
Consumer Uncertainty In Trademark Law: An Experimental Investigation, Barton Beebe, Roy Germano, Christopher Jon Sprigman, Joel H. Steckel
Consumer Uncertainty In Trademark Law: An Experimental Investigation, Barton Beebe, Roy Germano, Christopher Jon Sprigman, Joel H. Steckel
Emory Law Journal
Nearly every important issue in trademark litigation turns on the question of what consumers in the marketplace believe to be true. To address this question, litigants frequently present consumer survey evidence, which can play a decisive role in driving the outcomes of trademark disputes. But trademark survey evidence has often proven to be highly controversial, not least because it has sometimes been perceived as open to expert manipulation. In this Article, we identify and present empirical evidence of a fundamental problem with trademark survey evidence: while the leading survey formats in trademark law test for whether consumers hold a particular …
Got Bounded Rationality And Political Gridlock? There's A Loan Disclosure Hack For That, Debra Pogrund Stark, Jessica M. Choplin, Andrew Pizor
Got Bounded Rationality And Political Gridlock? There's A Loan Disclosure Hack For That, Debra Pogrund Stark, Jessica M. Choplin, Andrew Pizor
Cleveland State Law Review
For decades, Congress has primarily relied upon the use of mandatory disclosure forms to protect consumers from entering into ill-advised loans by disclosing the terms of an offered loan before the borrower enters into it. This policy is not likely to change any time soon due to congressional gridlock. Frustratingly, despite improvements, consumers still have difficulties using these forms to obtain the key information and data they need to make wise decisions. These disclosures contain a great deal of information, and assume that consumers are capable of reading, understanding, and using all of it. Contrary to this assumption, research on …
When Good Policies Go Bad: Controlling Risks Posed By Flawed Incentive-Based Compensation, Nicole Vincent
When Good Policies Go Bad: Controlling Risks Posed By Flawed Incentive-Based Compensation, Nicole Vincent
Cleveland State Law Review
The recent Wells Fargo scandal revealed the harm that can result from flawed incentive-based compensation arrangements. Large financial institutions have both a legal and an ethical obligation to ensure that any incentive-based compensation arrangements that are in place will not encourage risky or fraudulent employee behavior. The continued existence of inappropriate and poorly structured arrangements demonstrates that existing regulations are inadequate to ensure compliance and protect consumers. Regulations should include increased penalties and should more evenly distribute the burden of oversight and compliance between the public and private sectors. In addition to regulatory reform, the government should prosecute culpable high-level …
Opening Schumer’S Box: The Empirical Foundations Of Modern Consumer Finance Disclosure Law, Hosea H. Harvey
Opening Schumer’S Box: The Empirical Foundations Of Modern Consumer Finance Disclosure Law, Hosea H. Harvey
University of Michigan Journal of Law Reform
This Article explores the fundamental failure of Congress’ twenty-five-year quest to utilize disclosure as the primary tool to both regulate credit card issuers and educate consumers. From inception until present, reforms to this disclosure regime, even when premised on judgment and decision-making behavioralism, were nomothetic in orientation and ignored clear differences in population behavior and the heterogeniety of consumers. Current law prohibits credit card issuers from acquiring consumer socio-demographic data and prevents issuers and regulators from using market and policy experimentation to enhance disclosure’s efficacy. To explain why this regime was structured this way and why it must change, this …
The Debt Dilemma, Katherine Porter
The Debt Dilemma, Katherine Porter
Michigan Law Review
Part I describes the nature of credit card spending and explores the usefulness of Mann's comparative approach to studying credit cards. Part II evaluates Mann's findings on the overall relationships between individual credit card transactions and aggregate levels of spending, borrowing, and bankruptcy. It also briefly analyzes the relationship between his findings and policy recommendations. Part III explores data on families who refrain from credit card use and struggle with serious financial distress. Part IV revisits Mann's policy recommendations in light of this new data. I conclude that implementing credit card reform would offer families only partial, albeit valuable, protection …
Efts: Consumer Protection Under The Ucc, Susan E. Jinnett
Efts: Consumer Protection Under The Ucc, Susan E. Jinnett
University of Michigan Journal of Law Reform
In view of the economic significance of the payments system, the laws governing it must be equitable and comprehensive. The development of the commercial law applicable to EFTS's, however, currently lags behind the growth of these systems. Threats to the integrity of EFTS's stem from lost, stolen, or forged access cards, illegal taps into communication lines, physical impairment of the equipment, or improper programming. The legal rights and liabilities of consumers where the integrity of an EFTS has been breached remains unclear, in part because the status of EFTS's under current law is uncertain. The rights of the parties involved …
Consumer Protection In The Credit Card Industry: Federal Legislative Controls, John C. Weistart
Consumer Protection In The Credit Card Industry: Federal Legislative Controls, John C. Weistart
Michigan Law Review
Credit cards have been used as a means of facilitating delayed-payment purchases since early in this century. The first credit card systems were operated by retailers and service organizations in connection with the merchandising of their products. While such programs were used in local markets by department stores, oil companies were the first issuers to recognize the potential of credit card plans in larger geographical areas. In the early 1950's a new phase in credit card development evolved with the emergence of firms engaging solely in the extension of credit. These firms-Diners' Club, American Express, and Hilton Credit Corporation with …
Consumer Credit--The Department Store Revolving Charge Account--Usury Resurrected--State V. J.C. Penney Company, Michigan Law Review
Consumer Credit--The Department Store Revolving Charge Account--Usury Resurrected--State V. J.C. Penney Company, Michigan Law Review
Michigan Law Review
The Attorney General of Wisconsin recently brought an action against the J.C. Penney retailing chain for an injunction against any further charges of 1½% per month on the declining balances of its revolving charge accounts. The state alleged that anything in excess of I% per month was a violation of the $12 per $100 per annum usury ceiling established by its legislature as the maximum chargeable for a loan or forbearance of money. Penney admitted that its monthly charge frequently exceeded the allowable rate but argued that its charge was a "time-price differential," exempt from statutory control under the time-price …
Regulation Of Finance Charges On Consumer Instalment Credit, Robert W. Johnson
Regulation Of Finance Charges On Consumer Instalment Credit, Robert W. Johnson
Michigan Law Review
The subject of adequate disclosure of finance charges in consumer credit transactions has, in recent years, "become a rallying point for consumers and a battle line for industry." Equal heat is generated by discussions concerning the regulation of finance charges on consumer instalment credit. The aim of this article is to examine briefly the existing pattern of rate regulation and then to explore the purposes of ceilings on consumer finance charges and the problems involved in their design. As is true with the question of disclosure of finance charges, the problems are extremely complex. Men of good will on both …