Fresh off of the most substantial national liquidity crisis of the last generation and the enactment of sweeping credit card regulation in the form of the Credit CARD Act, Congress continues to deliberate, with a continuing drumbeat of support from lobbyists, a set of new regulations for credit...

In recent years, some Canadian politicians and powerful interest groups have issued increasingly vocal calls for dramatic regulatory interventions into the country's payment cards system. In particular, they have called for a "hard cap" price-controls on interchange fees, a ban on contractual...

“Behavioral Law and Economics” (BLE) is a specialized component of the legal literature that purports to base its conclusions on a branch of economic analysis known as behavioral economics. The central claim of BLE is that by applying findings of behavioral economics to the real world it can...

The Durbin Amendment to the Dodd-Frank financial reform legislation capped debit card interchange fees for banks with assets of $10 billion. Credit card and prepaid card interchange fees were not regulated. The cap, which took effect on October 11, 2011, cut the average interchange fee for...

The issue of consumer payments and data security has reached a high level of public and regulatory interest as a result of a number of recent high-profile data breaches that compromised consumer payment cards. In addition, the ecosystem of consumer payment security has changed dramatically in...

This paper considers the evidence for and against the reverse Robin Hood hypothesis. Under the “reverse Robin Hood” hypothesis, credit-card companies rob from the poor users of cash and give to the rich users of credit cards. But there are problems with this story. Indeed, the reverse Robin...