Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of the Board of Governors of the Federal Reserve System's (Board's) rulemaking authority for the Truth in Lending Act (TILA) to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation Z (Truth in Lending). This interim final ru...
... or other monetary gain, or in expectation of compensation or other monetary gain, arranges, ... interim final rule will require certain creditors to modify certain credit and charge card disclosur... percentage rate shall be computed on whatever lower balance will produce an annual percentage ra... be used by charge card issuers with plans meeting the specified criteria. 5(e) Effect of Subsequent ...
The Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC,'' together with the CFTC, the ``Commissions'') are jointly issuing proposed rules and guidelines to implement new statutory provisions enacted by Title X of the Dodd- Frank Wall Street Reform and Consumer Protection Act. These provisions amend section 615(e) of the Fair Credit Reporting Act and direct the Commissions to prescribe rules requiring entities that are subject to the Commissions' jurisdiction to address identity theft in two ways. First, the proposed rules and guidelines would require financial institutions and creditors to develop and implement a written identity theft prevention program that is designed to detect, prevent, and mitigate identity theft in connection with cer...
... agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personn... What type of entities regulated by the Commissions woul...Accordingly, the Commissions would expect that, if the proposed rules are adopted, all finan...
Corporate law theory and practice considers shareholder relations with companies and the implications of ownership separated from control. Yet through the Troubled Asset Relief Program (TARP) bailout and the government's resultant shareholding, ownership and control at many companies have merged, leaving corporate theory and practice for the financial and automotive sectors in chaos. The government's $700 billion bailout is a unique historical event; not merely because of its size, but also because of a resulting ripple through corporate scholarship and practice. This article builds on the author's five testimonies before Congress during the financial crisis and implementation of the TARP bailout and his consultation for the Special Inspector General for TARP. After considering corporat...
...Over that time, the expectations of investors, managers, and regulators have enjoye... not provide an explicit definition of just what circumstances lead to control. This has led to muc...At one meeting, the federal government pressured Citigroup to fin... to attend an election in which a firm's creditors, executives, rank-and-file employees, and other st...
Both Chrysler and GM used asset sales under section 363 of the Bankruptcy Code as a way to avoid the more cumbersome chapter 11 plan process. The strategic use of section 363 asset sales in reorganization cases is becoming so common that some courts and commentators predict that the asset-sale route to a chapter 11 plan confirmation may soon supplant the traditional chapter 11 plan process. While some have decried section 363 sales as contrary to the voting system and other procedural safeguards inherent in a standard chapter 11 confirmation, this Essay argues that the section 363 asset-sale development is a natural consequence of the Bankruptcy Code being weighed down by a “springing” (or bankruptcy-only) priority of retiree medical benefits. Not only are springing prioriti...
...And what medical benefits the retirees did receive were sti... that was largely consumed by secured creditors’ claims. 9 . . The balance of this paper pr... note that it is simply unrealistic to expect that the company could fulfill its original retire... section 1126’s voting rules and then meeting the sixteen separate requirements for confirmation...
...: Credible Commitments and Public Expectations B. The Lemmings Problem II. THE SHORTCOMING OF CUR... is too big to fail is too big to survive." What this means, as a practical matter, seems obvious: ... ex ante commitments to protect some creditors--including federally sponsored deposit insurance, ... the probable effect of the transaction in meeting the convenience and needs of the community to be s...
... the conception--metaphor, model, paradigm, what have you--of the corporation as a contract or "nex... with the firm: executives, directors, creditors, suppliers, customers, and employees. The corporat...(53) The diversity that one might expect from a collection of firms with heterogeneous gove..., such as the board and shareholder meetings, before adding additional requirements. (58) . Rib...
... Public Accountants Fall 2009 Council meeting, the Council also discussed this issue, with more ... in as neutral a fashion as possible, we expected that there would be more support for a separate st... the users of their financial statements and what they consider to be the objective of financial rep... than a third (30%) considered lenders (creditors) to be the primary users. Only 2% of the responden...
This monograph is a case study of newspaper competition in New Hampshire between the province's official newspaper and an upstart Whig challenger in the period marked by contention over the Stamp Act (1765-1766) and over the tight oligarchical reign of the Wentworth family. The case study is grounded in the civic republican tradition articulated by Bernard Bailyn and Gordon Wood as well as the revisionist scholarship since the 1960s that takes the role of the "little people" seriously. It maintains that the competition between the two newspapers contributed to, and opened up, the public spaces in Portsmouth, New Hampshire, to a wider compass than might have been predicted if one follows the standard Habermasian argument for the develop of a bourgeois public sphere. In part, these more d...
...In our one-on-one meetings, Hanno encouraged me to find my intellectual voice... for press freedom begs the question of what that struggle was all about in the colonies genera... favor of Liberty as might otherwise be expected; but as you observe, our chief dependence, under G... in debtor's prison by persuading his creditors that their best chance for repayment hinged on a s...
...MERS AND THE PROBLEM OF CONVEYANCE IV. WHAT ABOUT THE MONEY?. THE RIGHT OF COUNTIES TO RECOVER...(86) When asked whether MERS expects financial institutions to update the MERS database...For example, the transcript of a 1994 meeting where MERS proponents pitched the MERS clearinghou...Creditors can sue on unsecured debts and, within the limits ...
... TILA Section 149) and re-evaluation by creditors of rate increases (new TILA Section 148) are effec... the table at point of sale, with the expectation that consumers will also receive a second set of d... that consumers can generally understand what the last day of the month will be, and that this c... address for at least one organization meeting the above requirements that provides credit counse...
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