The introduction of comparative product testing in Germany reflected the rise of a mass consumer society within a rapidly changing market economy. The first proposal to establish a federally supported institute for product testing was made in 1957. Proponents wished to reduce the asymmetries of...

State Consumer Protection Acts (CPAs) were designed to supplement the Federal Trade Commission's mission of protecting consumers and are often referred to as “little-FTC Acts.” There is growing concern that enforcement under these acts is not only qualitatively different than FTC...

In this paper, we present two stylized models of the financial system. We make the case that in order to realize the potential of a well-functioning complete financial market, financial system designers and financial service providers will need to think about ways to deliver financial...

The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) includes two educational provisions which require debtors to complete an approved credit counseling course prior to filing for bankruptcy and a financial education course prior to the discharge. Recent debates have raised...

Since 1 June 2003 the file of the Central Office for Credits to Private Individuals has recorded information relating to all consumer credits and mortgage loans contracted by natural persons for private purposes, as well as any payment defaults resulting from these loans. This registration aims...

Antitrust is back in vogue at the U.S. Supreme Court. Whereas the Rehnquist Court decided few antitrust cases in its latter years (only one from 1993 to 1995, one each year from 1996 through 1999, and none from 2000 to 2003), the Roberts Court issued seven antitrust decisions in its first two...

Demographic changes, tight public budgets, and reduced generosity of occupational pension plans shift the responsibility for an adequate retirement provision towards the individual. Applying the theoretical perspectives of Behavioural Finance and New Institutionalism to the domain of retirement...

Bankruptcy law now requires individuals to complete a financial education class to receive a discharge of debts. Using data from the 2007 Consumer Bankruptcy Project, this chapter examines debtors' attitudes about the value of financial education. The data shows that debtors' attitudes vary by...

The recent financial crisis has led many to question how well businesses deliver consumer financial services and how well regulatory institutions address problems in consumer financial markets. In response, the Obama administration proposed a new agency to oversee consumer financial services,...

This paper presents evidence that reductions in mortgage interest rates associated with prepayment penalties are greater for riskier borrowers, as measured by mortgage type, credit scores, and local incomes and education levels. This is consistent with an efficiency view arguing that, by...