Jihad Dagher and Yangfan Sun, both of the International Monetary Fund, have written Borrower Protection and the Supply of Credit: Evidence from Foreclosure Laws. Here's the abstract: Laws governing the foreclosure process, which vary across jurisdictions, have direct consequences on creditors’ losses from borrower default, and thus, could potentially affect lending decisions. Our empirical strategy […]
More than one third of the states have removed criminal penalties for the use of medical marijuana, which be can a uniquely effective treatment for a number of serious medical conditions. (For one powerful example, see this story about a cancer patient who is a former client of mine.) Of course, because of the federal […]
by Ed Mierzwinski (guest post) I testified Monday at a Senate Banking hearing on the Target breach. The chair of the subcommittee, Mark Warner, indicated support for the longtime consumer-group position that consumer debit-card liability should be made equal to the far more more consumer-friendly credit-card liability. My own blog post has more. My testimony […]
Sandeep Dhameja, Katy R. Jacob and Richard D. Porter, all of the Federal Reserve Bank of Chicago, have written Clarifying Liability for Twenty-First-Century Payment Fraud, 37 Economic Perspectives (2013). Here's the abstract: This article examines the governance structure of retail payments in the United States, provides an overview of payment fraud, and discusses in depth […]
That's the name of this article by law professor Jonathan Marcantel. Here's the abstract: In 2009, the Secretary of the Treasury (“the Secretary”) implemented the Home Affordable Modification Program (“HAMP”), a program designed to minimize foreclosures by providing incentives to loan servicers who modify eligible mortgages. Notwithstanding both its design and goal, HAMP has largely […]
Here. Lots of FDCPA violations.
Back in the Supreme Court's 2011 Term, a case that got a fair bit of attention was First American v. Edwards, which raised the question whether a plaintiff whose only injury was the violation of a congressionally-created right had standing to sue in federal court. The Court dismissed the case as improvidently granted (i.e., without […]
CVS stops selling tobacco (on October 1, 2014) because it's "the right thing to do." Wow.
As this National Consumer Law Center press release explains, seven major banks last month left the payday loan business in response to regulatory pressure and outcry from advocacy organizations. What effects that has on the payday loan market and consumers who particiapte in it remains to be seen. Here's a brief excerpt from NCLC's release: […]