Because the ALI Consumer Contracts Restatement plus grading hasn't given me enough to do this week, I thought I would gin up some brief comments on the CFPB's proposed repeal of the Payday Rule. My comments are here.
I did a podcast for the Consumer Finance Monitor Podcast about the American Law Institute's Consumer Contracts Restatement project. It's not often that you will see me on the same side of an issue as the podcast's host, Alan Kaplinsky, an attorney at Ballard Spahr who represents financial services firms.
More problems are emerging with the legal research underlying the American Law Institute's Consumer Contracts Restatement project. The Consumer Contracts Restatement has been the subject of scholarly criticism for a while because of its novel quantitative empirical approach (case counting). The Restatement stands on six empirical studies of consumer contracts.
As Credit Slips readers know, I've been fighting the American Law Institute's Consumer Contracts Restatement project for several years. I think it started with good intentions, but it's unfortunately turned into a remarkably anti-consumer project.
Although the euphoria over blockchain has dissipated recently, many still see it as vital to the future of banks and the economy at large. Following are key issues being hashed out.
As evidenced by a Senate hearing, Republican and Democratic lawmakers still live in alternative universes when it comes to financial regulatory policy.
Draft legislation to make annual testimony mandatory for the chiefs of the largest banks was added to the agenda of a House Financial Services Committee hearing set for Thursday.
Under the Treasury Department's Financial Agent Mentor-Protégé program, JPMorgan Chase is advising two black-owned banks on working with the agency in ways that could boost their fee income.
