“The U.S. financial system resembles a patient in intensive care. The body is trying to fight off a disease that is spreading, and as it does so, the body convulses, settles for a time and then convulses again. The illness seems to be overwhelming the self-healing tendencies of markets. The doctor...   MORE>>

1 Introduction

South Africa’s pristine landscapes and natural resources are under significant threat. This is not subject to debate, but what is, is how to implement a regulatory regime to deal effectively with these environmental realities – a challenge complicated by competing socio-economi...   MORE>>

1 Introduction

Payments made in full and final settlement have on several occasions presented interpretative difficulties for our judiciary, as will become apparent from this case discussion. The Supreme Court of Appeal reversed the judgments of the trial court and the appeal court (full bench of...   MORE>>

I. Introduction

The basic concept of “debt” is simple: a specific amount of money is owed by one party to another, whether by contract or otherwise. On a more formal basis, a debt has been defined as the obligation to pay a sum certain or a sum that may be ascertained by simple mathematical c...   MORE>>

I. INTRODUCTION

Steven M. Shaw was a used car salesman. The record is silent on whether he was successful in that field, but he did make a small fortune as an identity thief.

In 1991, using the terminal provided to his employer by the credit bureau, Shaw accessed credit files on other men name...   MORE>>

In Stafford v. Cross Country Bank, Kentucky’s Western District Court held the Fair Credit Reporting Act (“FCRA”) limits private causes of action, but does not preempt all state law claims, against furnishers of information. In Stafford, John and Julie Stafford claimed a third party fraudulentl...   MORE>>

I. Answering Questions about Regulation Z

The Truth in Lending Act and Regulation Z

In 1968, Congress enacted the Truth in Lending Act (“TILA”) “to assure a meaningful disclosure of credit terms … to protect the consumer against inaccurate and unfair credit billing and credit card prac...   MORE>>

I. Introduction

Arbitration is distinctive from traditional litigation and other methods of alternative dispute resolution. In the context of transactions between consumers and financial service providers, such as banks, lenders, mortgage companies, financing companies and brokerage firms, an arb...   MORE>>

There have been many significant recent developments in consumer payment systems and the law governing these systems. Although there is great variation in the developments, it is safe to say that the trend is toward increasing legal complexity. This complexity poses serious challenges for users of t...   MORE>>

I. Introduction

One of the most troubling problems for collection attorneys who collect consumer debts is that of when and how to enforce a client’s contractual or statutory rights to collect legal fees from a debtor who is in default. Although the courts have recognized the enforceability of s...   MORE>>