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Rethinking Consumer Protection Policy in Financial Markets
Get PDFFinancial products for consumers usually are characterized by complexity and incomprehensibility. Consumers typically find themselves defeated when attempting to control their financial destiny by understanding these products. This Article explores the economic and social factors that lead to this reality, analyzes its highly negative private and social ramifications and proposes an appropriate policy response. I argue that the current market structure creates a reality in which financial institutions are motivated to produce complex financial products for consumers in order to maximize their profits. This market structure, combined with inadequate policy, induces inefficiency by allocating the comprehension costs of financial products to the consumer. My thesis is that a fundamental change in risk allocation policy will steer the market toward consumer comprehension of financial products and, therefore, will reduce private and social costs, increase consumer trust in financial institutions and promote social cohesion. I propose a new default liability rule under which financial institutions would be required to introduce internal procedures and mechanisms to ensure product comprehension among all of their consumers. To encourage maximum compliance with my proposal, I suggest implementing a reputation-based incentives method that would require every financial institution branch to publicly post a service quality ranking assigned by the regulator. I also support a trust-oriented licensing policy that would encourage the inclusion of new trustworthy financial institutions in the market and offer the implementation of a new regime for supervising financial product contract terms.  
State Oversight of Nonprofit Governance: Confronting the Challenge of Mission Adherence Within a Multi-dimensional Standard
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HOW STATISTICAL SAMPLING CAN SOLVE THE CONUNDRUM OF COMPENSATION DISCLOSURES UNDER DODD-FRANK
Get PDFBIG AND SMALL FISH IN THE SEA OF PATENT LITIGATION: AN ANALYSIS OF THE AMP v. USPTO DECISION AND ITS EFFECT ON LARGE AND SMALL BUSINESSES
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From Blackbeard to Jack Sparrow—Who are today’s pirates and why do we care? The effect the legal definition of piracy has on the international shipping industry and maritime insurance coverage
Get PDFToday’s pirates may seem more like terrorists, and their effect can be felt on a variety of sectors within society, most notably international commerce. The shipping industry deals with the threat of pirate attacks on a regular basis. In order to prevent a profit loss from those attacks, the industry has sought insurance coverage. The difficulty arises within these insurance policies as to the definition of “piracy,” and whether acts that more closely resemble terroristic activities as opposed to the traditional notion of piracy are covered. This Student Note evaluates the evolving definition of piracy, both within the United States’ court system and in international law. The lack of a consistent definition raises the argument that policy coverage varies too significantly to effectively protect the economic loss associated with a pirate attack. The Note concludes by noting that regardless of how piracy is defined, the threat of attacks still exists. Additionally, due to liability under the United Nations Convention for the International Sale of Goods (CISG), insurance coverage within the shipping industry will still be sought
CISG and Arbitration Clauses: Issues of Intent and Validity
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Rise of the Intercontinental Exchange and Implications of its Merger with NYSE Euronext
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DEFINING PRIVATE PROPERTY INTERESTS IN AMERICA’S NEW ECONOMIC REALITY: THE CASE FOR THE PRIMACY OF FEDERAL LAW IN TAKINGS LITIGATION
Get PDFDEFINING PRIVATE PROPERTY INTERESTS IN AMERICA’S NEW ECONOMIC REALITY: THE CASE FOR THE PRIMACY OF FEDERAL LAW IN TAKINGS LITIGATION