Consumer Law Materials: Credit

Consumer Law (Spring 2009)

Supplemental Materials on Credit Practices and Predatory Lending

Assigned reading:

Federal Reserve Board, Highlights of Final Rules Regarding Credit Card Accounts (Dec. 18, 2008); Press Release (Dec. 18, 2008)
Stephen Franklin, Trapped by Web Loan with the 842% Interest Rate, Chicago Tribune (May 11, 2008) [alternate link]
Elizabeth Warren, Making Credit Safer: The Case for Regulation, Harvard Magazine 34 (May-June 2008)
Illinois Fairness in Lending Act, 815 ILCS 120 (2006)
High Risk Home Loan Act, 815 ILCS 137 (2006)
Payday Loan Reform Act, 815 ILCS 122 (2006)
McGhee v. Arkansas St. Bd. of Collection Agencies, ___ S.W.3d ____, 2008 WL 4823540 (Ark. Nov. 6, 2008)

Additional background material (optional):

Elizabeth Renuart & Diane E. Thompson, The Truth, the Whole Truth, and Nothing But the Truth: Fulfilling the Promise of Truth In Lending, 25 Yale J. on Reg. 181 (2008)
Kathleen C. Engel & Patricia A. McCoy, A Tale of Three Markets: The Law and Economics of Predatory Lending, 80 Tex. L. Rev. 1255 (2005)
Nikitra S. Bailey, Predatory Lending: The New Face of Economic Injustice, 32 Human Rights 14 (2005)
Defaulting on the Dream: States Respond to America's Foreclosure Crisis (Pew Charitable Trusts, Apr. 2008)
Jim Hawkins & Ronald J. Mann, Just Until Payday, 54 UCLA L. Rev. 855 (2007)
Aaron Huckstep, Payday Lending: Do Outrageous Prices Necessarily Mean Outrageous Profits? 12 Fordham J. Corp. & Fin. L. 203 (2007)
Uriah King & Leslie Parrish, Springing the Debt Trap: Rate Caps Are Only Proven Payday Lending Reform (Center for Responsible Lending, Dec. 13, 2007)
Donald P. Morgan & Michael R. Strain, Payday Holiday: How Households Fare after Payday Credit Bans, FRBNY Staff Report No. 309 (rev. Feb. 2008)