Consumer Law 2008 Supplemental Materials: Credit

Consumer Law (Summer 2008)

Supplemental Materials on Credit Practices and Predatory Lending

Assigned reading:

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)
Office of Thrift Supervision, Summary of Practices Addressed in Proposed Rule on Unfair or Deceptive Acts or Practices (May 1, 2008)
Federal Reserve Board, Highlights of Proposed Rules Regarding Credit Cards and Overdraft Services (May 2, 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)

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, Yale J. on Reg. (forthcoming 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)