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A Good Rule, Poorly Written: How The Financial Crisis Highlighted The Inadequacy Of Iolta Rate Rules, Andrew Arthur
A Good Rule, Poorly Written: How The Financial Crisis Highlighted The Inadequacy Of Iolta Rate Rules, Andrew Arthur
Catholic University Law Review
Interest on lawyer trust accounts (IOLTA) provide a substantial component of funding that is used to provide legal aid to needy individuals throughout the United States. However, IOLTA program revenues fluctuate with the deposit interest rates, which have remained near zero after the onset of the 2008 global financial crisis. The Comment examines IOLTA rate rules across the country, and the impact of reduces IOLTA revenues on legal aid programs. The Comment further asserts that IOLTA rate rules are not adequately designed to account for fluctuation in central bank interest rates, causing unanticipated problems for legal aid funding. Finally, the …
Private Enforcement Of Systemic Risk Regulation, Heidi Mandanis Schooner
Private Enforcement Of Systemic Risk Regulation, Heidi Mandanis Schooner
Scholarly Articles
The failure of the regulatory system is at least one of the contributing causes to the 2008 Financial Crisis. The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) will have a far-reaching impact on the financial services industry particularly in its attempt to regulate systemic risk. The Dodd-Frank Act, however, does not sufficiently address the problem of agency discretion generally, or the problem of an agency’s discretion to forebear, in particular. Under Dodd-Frank, the agencies retain considerable discretion and the effectiveness of the new regime depends on the optimal exercise of such discretion. This Article maintains that an …
Consuming Debt: Structuring The Federal Response To Abuses In Consumer Credit, Heidi Mandanis Schooner
Consuming Debt: Structuring The Federal Response To Abuses In Consumer Credit, Heidi Mandanis Schooner
Scholarly Articles
Predatory lending is an avaricious fraud that demands attention. Several states have enacted new laws to combat predatory lending. Moreover, the battle against predatory lending and other abusive practices has focused attention on the overall structure of consumer credit laws. The current structure is dual; both state and federal governments play significant roles in combating credit fraud. The dual structure has been the source of controversy as federal regulators have claimed the power to preempt state law. This article furthers the structural debate and the effort to combat predatory lending by examining the architecture of consumer credit laws within the …