Credit & Debit Cards

The Financial Lives of Undocumented Immigrants

02/25/16

We know little about the financial lives and credit constraints of undocumented immigrants, partly because they are such a difficult to reach population. But Slips contributor Nathalie Martin gained access to this population in Albuquerque, New Mexico, interviewed 50 immigrants, and recently published a paper that provides an important glimpse into how this population handles money and finances.

[more]

How Backpage Is Different from Choke Point

12/03/15

The Seventh Circuit Court of Appeals recently slammed Cook County Sheriff Thomas Dart for his actions trying to get Mastercard and Visa to stop processing payments for Backpage, an advertising website whose ads include various adult services (some legal, some not).

[more]

The Myth of the Disappearing Free Checking Account

10/22/15

A regular trope sounded by opponents of consumer financial regulations is that the regulations have resulted in the disappearance of free checking.

[more]

Note to Payments Innovators: You Need a Value Proposition!

10/06/15

The past year has seen two notable innovations in the payments world and a third is coming down the pike.  ApplePay was rolled out last spring, the EMV liability shift went into effect on October 1, and the Fed has convened a task force on designing a faster payment system.  All three of these developments seem unlikely to result in major changes in payments unless they come up with a clear value proposition for consumers, merchants, or both. 

[more]

Interchange Evidence?

09/28/15

Both sides in the interchange fee debate have pointed to a recent Richmond Fed study as evidence supporting their position (here and here).

[more]

Consumer Financial Protection Clinic Position

07/30/15

Here's an opportunity to supervise a consumer financial protection clinic that has done some great work - information on the position and how to apply here

[more]

Faster Payments: Is There a Business Case?

07/17/15

The Federal Reserve System has embarked on a project of exploring the possibility of faster retail payments in the United States.  A similar move has occurred with the UK Payments Council.  At the same time, the Electronic Payments Network is rolling out a faster version of ACH.

[more]

Madden v. Marine Midland Funding

07/02/15

In a recent case called Madden v. Marine Midland Funding, the Second Circuit ruled that a loan owned by a debt collector violated New York's usury statute.  The loan had been originally made by a national bank and was subsequently sold to the debt collector when it was in default.  There's no question that the state usury law was preempted when the loan was held by the national bank.

[more]

Lessons For Consumer Protection From The World Of Inclusive Capitalism

04/16/15

Lately I have been teaching courses with names such as "Global and Economic Justice" and "History, Impacts and Regulation of Consumer Credit" instead of "Bankruptcy," "Secured Transactions" and "Chapter 11 Reorganizations." So I have been reading different books and listening to different speakers.

[more]

Who is Helping Consumers With Defaulted Student Loans?

04/16/15

Clearly, the biggest surprise in consumer borrowing since the crash has been the explosive expansion of student loan debt. It has surpassed both auto lending and credit card lending. And, since it ties with Payday Lending and pre-crash sub-prime mortgage lending for the thinnest underwriting there are defaults aplenty. 

[more]