Consumer Protection Law Commons^™

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 …

Shareholders' Rights To A Cause Of Action Under The Investment Company Act Of 1940 Following Exxon Mobil V. Allapattah, 39 J. Marshall L. Rev. 1521 (2006), Renee Labuz

UIC Law Review

No abstract provided.

Taking The Stand: The Lessons Of The Three Men Who Took The Japanese American Internment To Court, Lorraine K. Bannai

Seattle Journal for Social Justice

No abstract provided.

Towards A Basal Tenth Amendment: A Riposte To National Bank Preemption Of State Consumer Protection Laws, Keith R. Fisher

ExpressO

Recent regulations promulgated by the Office of the Comptroller of the Currency assert a sweeping authority to preempt a broad array of state laws, including consumer protection laws, applicable not only to national banks but to their state-chartered operating subsidiaries. These regulations threaten to disrupt state efforts to combat predatory lending and other abusive practices and to interfere with a state’s sovereign authority over corporations chartered under its laws. Yet federal courts faced with challenges to these initiatives have failed to devote any substantial analysis to claims based on the Tenth Amendment. The problem with such claims is the absence …

Better Than Cash? Global Proliferation Of Debit And Prepaid Cards And Consumer Protection Policy, Arnold S. Rosenberg

ExpressO

A global deluge of debit cards and prepaid cards – payment cards that do not require consumers to qualify for credit – is rapidly making electronic payment systems accessible to much of the world’s population that previously paid in cash for goods and services. The global proliferation of payment cards is fraught with both risk and promise for consumers.

The billions of people of low to moderate incomes who are being hurled from a cash economy into the era of electronic payments in emerging economies by the proliferation of debit and prepaid cards are particularly vulnerable to abuses by banks …

Breaking The Bank: Revisiting Central Bank Of Denver After Enron And Sarbanes-Oxley, Celia Taylor

ExpressO

No abstract provided.

Let The States Legislate, David J. Reiss

Cornell Law Faculty Working Papers

Predatory lending was the most pressing consumer protection issue of 2004. Indeed, the Center for Responsible Lending found that predatory loans cost U.S. families more than $9 billion a year. It is such a serious problem that it looks as if major changes are in store in 2005 for how loans are to be made.

Tila ‘Finance’ And ‘Other’ Charges In Open-End Credit: The Cost-Of Credit Principle Applied To Charges For Optional Products Or Services, Ralph J. Rohner, Thomas Durkin

Scholarly Articles

The thesis of this article is that a more workable approach to characterizing fees for optional products and services is possible by focusing on charges that represent payment for discrete products or services of value to the consumer, freely chosen by consumers as contract options which do not affect the amount of credit available to the consumer, the consumer's access to it, or the allocation of payment responsibility and credit risk in the transaction or plan. In other words, these fees are for separate-or separable-purchases, analogous to subsequent events in closed-end credit that require no new disclosure or adjustment in …

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 …

Unusual Impetus For A Consumer Law, David J. Reiss

Cornell Law Faculty Working Papers

The judgment about the suitability of consumer protection laws is becoming less and less the domain of New Jersey citizens and their elected representatives; rather, it has shifted into the domain of a financial services firm that is an advocate for investors, not the public.

Overoptimism And Overborrowing, Richard M. Hynes

BYU Law Review

No abstract provided.

Hold The Line Against Diluting Anti-Predatory Lending Law, Baher Azmy, David J. Reiss

Cornell Law Faculty Working Papers

Last month, the New Jersey Legislature held off an attempt by certain elements of the lending industry to eviscerate the recently enacted Home Ownership Security Act. Those same elements, however, are regrouping as the new session begins, hoping to take another swipe at the act. Legislators should oppose this assault, because the measure maintains a good balance between reducing mortgage abuses and preserving a healthy residential mortgage market.

Lost Pension Money: Who Is Responsible? Who Benefits?, 37 J. Marshall L. Rev. 695 (2004), Ellen A. Bruce J.D., John Turner Ph.D.

UIC Law Review

No abstract provided.

Keeping Employees' Trust: The Rocky Road Ahead For Pension Plan Trustees, 37 J. Marshall L. Rev. 903 (2004), Nikolay A. Ouzounov

UIC Law Review

No abstract provided.

Bankruptcy And Mortgage Lending: The Homeowner Dilemma, 38 J. Marshall L. Rev. 19 (2004), A. Mechele Dickerson

UIC Law Review

No abstract provided.

203 N. Lasalle Five Years Later: Answers To The Open Questions, 38 J. Marshall L. Rev. 61 (2004), Paul B. Lewis

UIC Law Review

No abstract provided.

Treatment Of Real Property Liens In Bankruptcy Cases, 38 J. Marshall L. Rev. 171 (2004), Gerald F. Munitz

UIC Law Review

No abstract provided.

Precision In Statutory Drafting: The Qualitech Quagmire And The Sad History Of § 365(H) Of The Bankruptcy Code, 38 J. Marshall L. Rev. 97 (2004), Robert M. Zinman

UIC Law Review

No abstract provided.

Creditors' Rights Risk: A Title Insurer's Perspective, 38 J. Marshall L. Rev. 223 (2004), Paul L. Hammann, John C. Murray

UIC Law Review

No abstract provided.

Modeling A Response To Predatory Lending: The New Jersey Home Ownership Security Act Of 2002, Baher Azmy, David J. Reiss

Cornell Law Faculty Working Papers

Professor Baher Azmy and Professor David Reiss document how predatory home lending practices have become rampant throughout the country and, notably, among low- and moderate-income and African American communities in New Jersey. Their article analyzes this emerging problem as a sometimes devastating side effect of the rapid increase in American home ownership, an otherwise almost completely desirable phenomenon. Because predatory lending has been so difficult to define, states have struggled to regulate it. New Jersey, building on the work of a few other leading states, has drafted what many consider to be the new standard for predatory lending legislation, the …

The Impact Of Opt-In Privacy Rules On Retail Credit Markets: A Case Study Of Mbna, Fred H. Cate, Michael Staten

Articles by Maurer Faculty

U.S. privacy laws are increasingly moving from a presumption that consumers must object to ("opt out" of) uses of personal data they wish to prohibit to a requirement that they must explicitly consent ("opt in") to uses they wish to permit. Despite the growing reliance on opt-in rules, there has been little empirical research on their costs. This Article examines the impact of opt-in on MBNA Corporation, a diversified, multinational financial institution. The authors demonstrate that opt-in would raise account acquisition costs and lower profits, reduce the supply of credit and raise credit card prices, generate more offers to uninterested …

Is Silence Golden When It Comes To Auditing?, 36 J. Marshall L. Rev. 57 (2002), Darin Bartholomew

UIC Law Review

No abstract provided.

Arbitration Of Truth-In-Lending-Act Claims, Marshall E. Tracht

Articles & Chapters

In recent years, it has become increasingly common for lenders to include arbitration clauses in their consumer financing agreements. While federal law strongly supports the enforceability of arbitration provisions, there are a number of grounds on which their enforceability can be, and has been, challenged.

This article summarizes the state of the law on a number of major issues which have arisen in the attempt to use arbitration clauses in consumer financing agreements, focusing on Truth-in-Lending Act claims, including an analysis of the Supreme Court's recent decision in Green Tree Financial Corp. v. Randolph.

The Gramm-Leach-Bliley Act: Overview Of The Key Provisions; Presentation Before The State Of New York Banking Department, David L. Glass

NYLS Journal of Human Rights

No abstract provided.

The Usury Trompe L'Oeil, James J. White

Articles

This Article demonstrates how the interaction of a federal statute passed in 1864,1 a case decided by the Supreme Court in 1978,2 and modem technology has legally debarred every state legislature from controlling consumer interest rates in its state-but not from passing laws that appear to do so-and has politically debarred the Congress from setting federal rates to replace the state rates. As a consequence, the elaborate usury laws on the books of most states are only a trompe l'oeil, a "visual deception... rendered in extremely fine detail ... ." The presence of these finely detailed laws gives the illusion …

Once Is Not Enough: Preserving Consumers' Rights To Bankruptcy Protection, Susan L. Dejarnatt

Indiana Law Journal

No abstract provided.

Perpetuation Of Segregation: Toward A New Historical And Legal Interpretation Of Redlining Under The Fair Housing Act, 32 J. Marshall L. Rev. 617 (1999), Charles L. Nier Iii

UIC Law Review

No abstract provided.

Game Of High Stakes Roulette: Credit Card Companies Cash In On Gamblers' Bad Luck, 32 J. Marshall L. Rev. 1197 (1999), Maya Hoffman

UIC Law Review

No abstract provided.

Commodities Rulings Appealable To Circuit (New York Law Journal), Daniel Wise

News Articles

No abstract provided.

Shedding Some Light On Lending: The Effect Of Expanded Disclosure Laws On Home Mortgage Marketing, Lending And Discrimination In The New York Metropolitan Area, Richard D. Marsico

Articles & Chapters

No abstract provided.