After The Great Recession: Regulating
Financial Services For Low- And
Middle-Income Communities,
2012
Washington and Lee University School of Law
After The Great Recession: Regulating Financial Services For Low- And Middle-Income Communities, Ronald J. Mann
Washington and Lee Law Review
No abstract provided.
“Warning: Predatory Lender”—A
Proposal For Candid Predatory Small
Loan Ordinances,
2012
Washington and Lee University School of Law
“Warning: Predatory Lender”—A Proposal For Candid Predatory Small Loan Ordinances, Christopher L. Peterson
Washington and Lee Law Review
Over a hundred different local governments around the country have adopted ordinances restricting small, high-cost loans. This trend reflects the solid majority of the American public that opposes the legality of triple-digit interest rate loans and the long historical tradition of treating payday and car-title lending as a serious civil offense or even a crime. Nevertheless, perhaps owing to limits on municipal power, local payday lending law has generated relatively little scholarship or commentary. This paper describes the existing local law governing small, high-cost consumer loans and proposes a more emphatic ordinance that better reflects the policy judgment of many …
The Failed Nyse Euronext-Deutsche Borse Group Merger: Foreshadowing Future Consolidation Of The Global Stock Exchange Market,
2012
University of North Carolina School of Law
The Failed Nyse Euronext-Deutsche Borse Group Merger: Foreshadowing Future Consolidation Of The Global Stock Exchange Market, Christina D. Cress
North Carolina Banking Institute
No abstract provided.
Living Wills: Can A Flexible Approach To Rulemaking Address Key Concerns Surrounding Dodd-Frank's Resolution Plans,
2012
University of North Carolina School of Law
Living Wills: Can A Flexible Approach To Rulemaking Address Key Concerns Surrounding Dodd-Frank's Resolution Plans, Clay R. Costner
North Carolina Banking Institute
No abstract provided.
Section 1044 Of Dodd-Frank: When Will State Laws Be Preempted Under The Occ's Revised Regulations,
2012
University of North Carolina School of Law
Section 1044 Of Dodd-Frank: When Will State Laws Be Preempted Under The Occ's Revised Regulations, Danyeale I. Hensley
North Carolina Banking Institute
No abstract provided.
Past, Present And Future Threats To Federal Safety Net Benefits In Bank Accounts,
2012
University of North Carolina School of Law
Past, Present And Future Threats To Federal Safety Net Benefits In Bank Accounts, Margot F. Saunders, Johnson M. Tyler
North Carolina Banking Institute
No abstract provided.
International Regulatory Arbitrage Resulting From Dodd-Frank Derivatives Regulation,
2012
University of North Carolina School of Law
International Regulatory Arbitrage Resulting From Dodd-Frank Derivatives Regulation, Benjamin M. Weadon
North Carolina Banking Institute
No abstract provided.
A Review Of "The New Financial Deal" By David Skeel,
2012
University of North Carolina School of Law
A Review Of "The New Financial Deal" By David Skeel, Louis Massard
North Carolina Banking Institute
No abstract provided.
The Missing Lending Link: Why A Federal Loan Guarantee Program Is Critical To The Continued Growth Of The Solar Power Industry,
2012
University of North Carolina School of Law
The Missing Lending Link: Why A Federal Loan Guarantee Program Is Critical To The Continued Growth Of The Solar Power Industry, Daniel K. Tracey
North Carolina Banking Institute
No abstract provided.
Making Banks Transparent,
2012
Vanderbilt University Law School
Making Banks Transparent, Robert P. Bartlett, Iii
Vanderbilt Law Review
It was March 2007, and in the Mediterranean resort of Monte Carlo, Matt King was making dire predictions about a collapse of the U.S. subprime housing market-a subject that must have seemed as inconsequential as it was foreign to most of this casino town's well- heeled visitors. But for Mr. King, head of quantitative credit strategy for Citigroup, the ramifications of rising subprime foreclosure rates were anything but inconsequential. Speaking at Citigroup's annual credit conference, King emphasized how subprime credit had been repackaged into securities such as collateralized debt obligations ("CDOs"), which now sat in large quantities on banks' balance …
Foreword For Regulation In The Fringe
Economy Symposium,
2012
Washington and Lee University School of Law
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,
2012
Washington and Lee University School of Law
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,
2012
Washington and Lee University School of Law
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?,
2012
Washington and Lee University School of Law
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?,
2012
Washington and Lee University School of Law
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,
2012
Washington and Lee University School of Law
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?,
2012
Washington and Lee University School of Law
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?,
2012
Washington and Lee University School of Law
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,
2012
Washington and Lee University School of Law
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 …
Structured Notes Fiasco In The Courts: A Study Of Relevant Judgments In Taiwan Between 2009 And 2010,
2012
Singapore Management University
Structured Notes Fiasco In The Courts: A Study Of Relevant Judgments In Taiwan Between 2009 And 2010, Christopher Chao-Hung Chen
Research Collection Yong Pung How School Of Law
The purpose of this article is to analyse relevant judicial decisions in Taiwan regarding structured notes sold to retail investors. Regarding pre-sale disputes, one issue was that investors failed to read contractual documents properly before signing contracts, so there was a question whether they could later claim a bank’s violation of its duty to explain. This article favours the view that an investor’s signature may exempt a bank’s duty, provided that investors are made aware of relevant warnings. In addition, for suitability assessment, relevant judgments show that customers were too easily classified as active investors based on a simple questionnaire. …
