Stepping Out - Part 2
Missouri Bar Center
This article has been specially prepared as an introduction of your rights and responsibilities as an adult citizen of the United States.
Racial Profiling of Borrowers: An Idea Fraught with Peril
James M. Rockett of The Federalist Society
In spite of enormous progress in systematically eliminating racial considerations from lending through laws and regulations that, by any measure, have been extremely successful, the Federal Reserve Board, at the insistence of regulatory and advocacy groups, is considering the re-introduction of race as a factor in loan applications.
CONSUMER FRAUD: Spotting and Protecting Yourself Against It [A General Primer] : Investment
Richard Alexander of Alexander Hawes LLP
This is part of the general consumer fraud primer dealing with protecting your investments.
Consumer Finance Alert
Pepper Hamilton LLP
This alert summarizes a US District Court of Delaware's decision holding mandatory arbitration clauses in a "pay day" loan agreement as unenforceable on the grounds that it frustrated the purposes of the Truth in Lending Act (TILA) and the Electronic Funds Transfer Act (EFTA).
Staving Off the Millennium Bug: Issues for Lenders Raised by the Y2K Problem
Cadwalader, Wickersham & Taft LLP
Business Risk of the Bug The specter of a complete, world-wide halt to financial activity sounds like the plot o.
FTC Review
Arent Fox LLP
In this edition of the FTC Review, the author discusses a FTC ruling that requires Doan's Pills to run corrective advertising. In addition, this edition provides an update on several FTC clean sweeps that are occurring in the travel and the internet.
Protecting Yourself Against Investment Fraud
Richard Alexander of Alexander Hawes LLP
Pigeon drop and bank examiner schemes are common scams. Each year hundreds of people are swindled out of their money--sometimes their life savings. This primer provides a basic overview of these fraud schemes and provides some tips to stop and avoid investment fraud.
Applying for Credit
This article discusses your rights when applying for credit.
Cosigning a Loan
Federal Trade Commission
Information for consumers from the Federal Trade Commission regarding the rights and responsibilities associated with cosigning a loan.
Private Mortgage Insurance And The Homeowner's Protection Act of 1998
Jacob I. Rosenbaum of Arter & Hadden LLP
Looks at the Homeowner's Protection Act of 1998 and its effect on private mortgage insurance.
Checks and Balances: Doing Overdraft Protection Coverage the Right Way
Francis X. Grady of Grady & Associates
Characterized by the Comptroller of the Currency in September, 2003 as an "accident waiting to happen," bounce protection (the service by which a bank chooses to pay a transaction account customer's NSF item and assess an overdraft fee for this prompt repayment obligation) has become subject to considerable bank regulatory and customer scrutiny.
U.S. Supreme Court Update
John S. Delikanakis of Bullivant Houser Bailey PC
Among the cases to be decided by the U.S. Supreme Court during 2003-2004 are three that should be of interest to commercial clients: how a corporate owner's payments into a profit sharing plan under ERISA should be treated in a bankruptcy case (Yates v. Henton), how credit card limit fees are characterized in the Truth in Lending Act (Household Credit Services, Inc. v. Pfennig), and whether the IRS may collect the tax debts of a partnership from individual partners absent a separate assessment against those partners (United States v. Galletti).
High Rate High Fee Loans--Section 32 Mortgages
Federal Trade Commission
Brochure from the Federal Trade Commission which describes what loans are covered under the Home Ownership and Equity Protection Act of 1994 along with its disclosure requirements, prohibited features and actions consumers make take against violators.
Using Credit Reports -- Subsequent Disclosure is no Longer Sufficient
Dykema Gossett PLLC
Employers frequently use consumer reports and credit checks to gain information about job applicants and promotiona.
Revised UCC Article 9 On Its Way
Jaffe Raitt Heuer & Weiss, P.C.
The Y2K problem is only one hurdle which the secured credit industry will be facing in the new millennium.
Assignee Liability and Set-off Rights: Steps to Mitigate Risks of Purchasing or Financing Residential Mortgage Loans
Karen B. Gelernt of Cadwalader, Wickersham & Taft LLP
In light of a number of bankruptcies among mortgage loan originators, participants in the secondary market for resi.
Getting a Loan: Your Home as Security
Federal Trade Commission
Brochure from the Federal Trade Commission which outlines how consumers may exercise their rights of rescission under the Federal Truth in Lending Act when using their home as collateral for a loan.
How to Write Readable Credit Forms
Federal Trade Commission
Brochure from the Federal Trade Commission with tips for businesses on how to write understandable consumer contracts. The brochure also outlines applicable federal and state legal requirements surrounding document content and organization.
Filling the M&A Financing Void
GE Financial Assurance
The national economy is improving, mergers and acquisitions (M&As) and other activity are picking up steam, and corporate demand for funding is rising. In this market, cashflow-based debt financing can offer significant advantages over equity-based funding, say experts from Wharton and from GE's Corporate Lending team. But Federal Reserve data indicate that banks are retreating from the corporate lending market. In the wake of their pullback, nonbank financial institutions like GE Corporate Lending appear ready to fill the void.
Home Equity Loans: The Three-Day Cancellation Rule
Federal Trade Commission
Brochure from the Federal Trade Commission which explains federal credit rules that give consumers who apply for a personal loan and use their home to guarantee repayment three days to reconsider and cancel the deal without penalty.