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Adam Levitin
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One of the central features of the Stop Wall Street Looting Act that was introduced by Senator Elizabeth Warren and a number of co-sponsors is a targeted rollback of limited liability. This provision, more than any other, has gotten some... Continue reading
Posted Aug 27, 2019 at Credit Slips
Income-sharing agreements or ISAs are becoming an increasingly popular way to finance higher education. The key problem that ISAs face as a product is uncertainty about their regulatory status. Are ISAs “credit” for various statutory purposes? Or are they something... Continue reading
Posted Aug 1, 2019 at Credit Slips
In the Democratic Primary debate last night, former Vice-President Joe Biden claimed to have been deeply involved in the Detroit bankruptcy: Q (Tapper): What do you say to progressives who worry that your proposals are not ambitious enough to energize... Continue reading
Posted Aug 1, 2019 at Credit Slips
CFPB recently put out an advance notice of proposed rulemaking to amend the Qualified Mortgage (QM) Rule by letting the "GSE Patch" expire. What the Bureau is proposing is potentially very dangerous. While I haven’t liked some of the Bureau's... Continue reading
Posted Jul 25, 2019 at Credit Slips
A major issue in consumer finance regulation in mid-20th century was what counted as “credit” and was therefore subject to state usury laws and (after 1968) to the federal Truth in Lending Act. Many states had a time-price differential doctrine... Continue reading
Posted Jul 16, 2019 at Credit Slips
The Washington Post has a story about Senator Elizabeth Warren’s involvement in the Dow Corning bankruptcy that implies that Senator Warren was somehow working against the interests of personal injury victims. That’s rubbish, and it’s frankly irresponsible reporting that fundamentally... Continue reading
Posted Jul 15, 2019 at Credit Slips
Facebook’s proposed Libra cryptocurrency project has truly stirred up a hornet’s nest of controversy. Critics have generally focused on Libra as a currency and the power of Facebook in society and its appropriation of users’ privacy. I think that discussion... Continue reading
Posted Jul 3, 2019 at Credit Slips
On June 25, the CFPB will be holding a symposium on the meaning of "abusive" in the Consumer Financial Protection Act. "Abusive" is an expansion of the traditional FTC Act couplet of "unfair or deceptive" acts and practices (UDAP) to... Continue reading
Posted Jun 19, 2019 at Credit Slips
The story about Baltimore's entire municipal IT system being held hostage by ransomware has two angles that might be of interest to Slips readers. First, among the services that are affected is the city's lien recordation system (the city is... Continue reading
Posted May 22, 2019 at Credit Slips
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. Continue reading
Posted May 15, 2019 at Credit Slips
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,... Continue reading
Posted May 15, 2019 at Credit Slips
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).... Continue reading
Posted May 15, 2019 at Credit Slips
The American Law Institute's membership will vote next Tuesday (the 21st) on whether to approve the ALI's Consumer Contracts Restatement project. Let me recap why you should care about this project: it opens the door for businesses to use contract... Continue reading
Posted May 15, 2019 at Credit Slips
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. The ALI has accused yours... Continue reading
Posted May 15, 2019 at Credit Slips
A lot of the criticism of Senator Elizabeth Warren’s student loan forgiveness proposal has focused on how it's not fair to give loan forgiveness to current borrowers when past borrowers repaid their debts. That criticism overlooks the enormous boost Senator... Continue reading
Posted Apr 29, 2019 at Credit Slips
Senator Warren's student loan forgiveness proposal has a lot of scolds moaning about the immorality of debt forgiveness, the unfairness to those who paid their debts, and complaining about the price tag. It's pretty obvious that none of those folks... Continue reading
Posted Apr 23, 2019 at Credit Slips
Education finance and student loan forgiveness have been getting a lot of attention the last couple of days because of our former co-blogger's loan forgiveness proposal. I'm not going to address the merits of that proposal here. Instead, I want... Continue reading
Posted Apr 23, 2019 at Credit Slips
Professor Peter Conti-Brown of the Wharton School has written a short article for Brookings decrying the Second Circuit’s 2015 Madden v. Midland Funding decision. Professor Conti-Brown doesn’t like the Madden decision for two reasons. First, he thinks its wrong on... Continue reading
Posted Apr 18, 2019 at Credit Slips
I've seen some Chapter 11 plans that include some optionality, such as allowing the debtor, based on subsequent market conditions or litigation outcomes to undertake a transaction or change the way a class is paid. Such optionality has always troubled... Continue reading
Posted Apr 17, 2019 at Credit Slips
AARP has a nice piece (featuring yours truly) about the consumer fraud risks with peer-to-peer (p2p) payment systems like Zelle and Venmo. Both Zelle and Venmo expressly state in their terms of use that they are not for commercial use,... Continue reading
Posted Apr 8, 2019 at Credit Slips
My latest argument for a substantial nonpartisan expansion (i.e., not a partisan "packing") of the Supreme Court, which would require the Court to sit in randomly assigned panels, is up on Bloomberg Law. Among other benefits, it would enable the... Continue reading
Posted Apr 2, 2019 at Credit Slips
I'll be testifying on Tuesday at a Senate Banking Committee hearing on housing finance that is focused on Chairman Crapo's reform outline. My written testimony may be found here. Suffice it to say, I'm skeptical. I argue that a multi-guarantor... Continue reading
Posted Mar 24, 2019 at Credit Slips
The Yale Journal on Regulation is holding an on-line symposium about the draft Restatement of the Law of Consumer Contracts, which is scheduled for a vote at the American Law Institute's annual meeting this May. The launching point for the... Continue reading
Posted Mar 20, 2019 at Credit Slips
PG&E filed a notice that it was preparing to file for bankruptcy in around 15 days. Companies don't usually make this sort of announcement willingly; it's an invitation to a creditor run. PG&E filed the notice because it's required to... Continue reading
Posted Jan 14, 2019 at Credit Slips
The Sears' auction is a really valuable teaching moment, I think (and perfectly timed for the start of the semester)—does Sears have going concern value that merits a sale of substantially all assets as a going concern, or is an... Continue reading
Posted Jan 13, 2019 at Credit Slips