CreditSlips

New Study Tells Inside Story of how Local Communities use Ordinances to say ‘Enough’ to Payday Lenders

01/24/17

Robert Mayer of the University of Utah and I just finished an 18-month study of community approaches to controlling payday lending . The study concludes with ten lessons communities can use to pass similar ordinances on any subject matter. In The Power of Community Action: Anti-Payday Loan Ordinances in Three Metropolitan Areas, we document how local communities positively organize to control payday lending in their jurisdictions and thereby create important legal change.

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Paul Blustein's Laid Low, and Some Musings on the Next Crisis

01/21/17

(This is a joint post by Mark Weidemaier and Mitu Gulati)

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Marblegate and a Dose of Reality for the Trust Indenture Act

01/19/17

The Second Circuit on Tuesday released its long-awaited opinion on the Trust Indenture Act, Marblegate v. EDMC. Several of us Slipsters have been discussing the case behind the scenes, and others will have (more intelligent) things to say about the opinion than I, but I thought I'd introduce the blockbuster case to get us rolling.

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Scarcity, Money, and Undocumented Immigrants

01/16/17

Scarcity refers to having less than one needs -- time, money, calories when on a diet. For example, not having enough money reduces a person's cognitive capacity as much as missing one full night of sleep.

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The Real Reason Behind the Calls for Firing Richard Corday (and the Costs of Doing So)

01/05/17

The calls for Donald Trump to fire CFPB Director Richard Cordray are getting louder (see here and here). It's worthwhile understanding what's really afoot here. Cordray's term as CFPB Director expires in July 2018, so firing him in January 2017 doesn't seem to accomplish a lot.

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Trump Post Office Mechanic's Liens

01/05/17

It's not often that one finds mechanic's liens in the news.  I think this is ripe for inclusion in secured credit casebooks.

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CFPB Commission Structure Proposals

12/29/16

I have an op-ed in American Banker about proposals to convert the CFPB into a commission structure.  Basically, the idea that a commission structure increases accountability and policy stability and reduces arbitrary or abusive actions by an agency just doesn't hold water upon examination.  

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