Forced arbitration clauses have become almost unavoidable in contracts for financial services and products ranging form credit cards to private student loans. This report examines how the financial services industry uses these clauses to defeat consumers' rights and evade accountability for...

China’s geopolitical ambitions give rise to risks that government agencies and the businesses they regulate need to address. In particular, Military-Civil Fusion (MCF), a whole-of-government legal and administrative machinery created by the Chinese Communist Party (CCP), aims to give China’s...

Civil liability of rating agencies has to strike a balance between over-deterrence and overly lax behavior control. The resulting problems of a capital market freeze and difficulties of proof, as they become apparent in most legal systems and the European Commission's Draft Proposal to amend the...

This article, part of the annual ABA survey covering developments within consumer finance, focuses on regulatory developments affecting automobile financing that occurred since the last survey. The most significant federal development was the entry of consent orders between the Bureau of...

In contrast to financial arbitrage, which causes prices of economically equivalent transactions to converge in the direction of one price, regulatory arbitrage does not lead to such price convergence. In contrast, regulatory arbitrage tends to produce two different prices for economically...

Clearinghouses are systemic nodes in financial markets that handle trillions of dollars’ worth of transactions. Yet, these critical market infrastructures stand on fragile foundations. The Dodd-Frank Wall Street Reform Act of 2010, the sweeping financial reform that followed the 2008 financial...

Section 913 of the Dodd-Frank Act requires the U.S. Securities and Exchange Commission to conduct a study regarding gaps or deficiencies in the regulation of broker-dealers and investment advisers. These firms often perform similar functions but are regulated differently under an antiquated...

Insurance claim practices determine the extent to which insurers will or will not honor their promises. This Article describes the failure in the market for claim practices, the failure of the regulatory responses to that failure, and the ways in which litigation can provide a partial...

This paper analyzes the relation between the quality of the legal enforcement of loan contracts and the allocation of credit to households, both theoretically and empirically.