A new CMBS issuance is set to test whether regulators will treat the 5% retained credit risk under Dodd-Frank as loans or bonds . The difference matters because there are different capital charges for loans and bonds. If regulators treat the retained ... Read full article
For the past four years, Jim Greiner, Lois Lupica, and I have been working on the Financial Distress Research Project (FDRP) * , a large randomized control trial trying to find out what works to help individuals in financial distress. ... Read full article
One of the hardest things about teaching, whether in an informal setting or in a classroom, is telling someone that they are . . . ahem, WRONG. Or at least not right. Or could use improvement. Or there is an opportunity to improve. Something like that. . ... Read full article
A common argument made against regulating small dollar credit products like payday loans is that regulation does nothing to address demand for credit, so consumers will simply substitute their consumption from payday loans to other products: overdraft, ... Read full article
My take on the Second Circuit's opinion – which Levitin has also written about (and I agree with him that the used car analysis is a bit "off") – is over on Dealb%k . ... Read full article
The Second Circuit handed down its much-anticipated decision on the GM successor liability claims. Bottom line is that most, if not all, of the various claims against New GM are not barred by the Sale Order because of lack of procedural Due Process. That ... Read full article
I'm testifying before House Financial Services tomorrow regarding the "CHOICE Act," the Republican Dodd-Frank alternative. My testimony is here . ... Read full article
Over at Dealb%k . ... Read full article
The opinion is a good reminder that oral argument impressions don't always carry over to the final written product. In short, both the majority and dissent approach this as a simple matter of statutory construction, and in that regard the majority ... Read full article
I'm still digesting the opinion , but the obvious conclusion is that impressions from oral argument may be misleading. It also suggests that states that do not use chapter 9, have no ability to come up with a state law alternative. Its chapter 9 or ... Read full article
If you happen to be at the 2016 Law & Society Association meetings in New Orleans, stop by the panels from the Collaborative Research Network (CRN) on Household Finance. This group got its start as an international collaborative studying ... Read full article
The CFPB's proposed payday rule making is out. There's a nice summary here. I'm going to reserve comment other than to note a critical implication of a rare area of agreement between the supporters and opponents of the payday rule : it ... Read full article
Every wondered how ApplePay works? What the whole deal with Chip cards is? Those contactless readers at stores? If you're looking to nerd out on 21st century payment technology...and its legal and business implications, look no further. I have a ... Read full article
It has taken several months, but the Russian Particulars of Claim and Ukraine's Defence (akin to complaint and answer in U.S. civil procedure) have now been filed. ... Read full article
