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    Truth in Lending: Theory, History, and a Way Forward (Financial Management Association Survey and Synthesis) (Hardback) By (author) Thomas A. Durkin, By (author) Gregory Elliehausen

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    DescriptionThis book is a guide to the purposes, strengths, and weaknesses of disclosures as consumer protections in financial transactions such as loans, deposits, and consumer leases. It focuses on the federal Truth in Lending Act but also covers a variety of other federal disclosure statutes designed to protect consumers in their financial relationships. It comes at a time when federal financial consumer protection policy in the financial area is again a matter of intense public scrutiny and debate. Because of the importance of public policy issues surrounding use of disclosures as consumer protections, the intended audience includes anyone interested in these issues, not simply specialists who spend their time focused on them. For this reason, the work avoids academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for better disclosures for consumers and to what they have become today. Despite a need to outline and review prior difficulties with disclosure laws, the book remains optimistic that disclosures will continue to be an important means of consumer protection and that future reforms can improve their effectiveness and lower their regulatory costs and burden.

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  • Full bibliographic data for Truth in Lending

    Truth in Lending
    Theory, History, and a Way Forward
    Authors and contributors
    By (author) Thomas A. Durkin, By (author) Gregory Elliehausen
    Physical properties
    Format: Hardback
    Number of pages: 384
    Width: 157 mm
    Height: 236 mm
    Thickness: 25 mm
    Weight: 680 g
    ISBN 13: 9780195172959
    ISBN 10: 0195172957

    B&T Book Type: NF
    Nielsen BookScan Product Class 3: S4.5
    BIC E4L: FIN
    B&T Modifier: Region of Publication: 01
    BIC subject category V2: KFFK, KCZ
    B&T Modifier: Academic Level: 01
    BIC subject category V2: KFFM
    B&T Modifier: Subject Development: 10
    B&T General Subject: 180
    B&T Modifier: Geographic Designator: 01
    BISAC V2.8: LAN009000, BUS027000, POL024000
    LC subject heading: ,
    B&T Merchandise Category: UP
    BISAC V2.8: LAW001000, BUS051000
    BIC subject category V2: LNTU
    BISAC V2.8: LAW020000
    LC subject heading:
    DC22: 346.7307/3
    LC classification: KF1040 .D87 2011
    LC subject heading: , ,
    DC22: 346.73073
    Thema V1.0: LNDB, CF, KFFM, KFFK, KCZ, LNTU
    Oxford University Press Inc
    Imprint name
    Oxford University Press Inc
    Publication date
    24 March 2011
    Publication City/Country
    New York
    Author Information
    Thomas Durkin has specialized in the economics and regulation of consumer financial services, in the federal government as Senior Economist at the Federal Reserve Board, in the academic area as Associate Professor of Finance at the Pennsylvania State University, and in the private sector as Chief Economist of the American Financial Services Association. Gregory Elliehausen has also specialized in the economics and regulation of consumer financial services, in the federal government as Economist at the Board of Governors of the Federal Reserve System for more than twenty years and in the academic sector as Senior Research Scholar at Georgetown University and the George Washington University.
    Review quote
    "Information is crucial to the effective operation of consumer financial markets. Durkin and Elliehausen have provided a valuable and comprehensive analysis of an important but often neglected topic, namely, required disclosures from financial services firms. Their analysis will play a significant role in the ongoing debate about making those disclosures less legalistic and more useful to consumers."--Randall S. Kroszner, Norman R. Bobins Professor of Economics, The University of Chicago "This is a very comprehensive and insightful text by respected and experienced regulatory economists on the proper economic and behavioral goals that should inform the regulatory implementation and interpretation of the consumer disclosure mandates of the Truth in Lending Act. Their extensive analysis convincingly suggests that to avoid an overly complex and costly regulatory regime, Congress, and the regulators, should focus on the comparison of the cost of credit, including a better designation of finance charges, as the primary disclosure goal of TILA, and should avoid pursuing or maintaining numerous collateral 'full disclosure' goals, including "behavioral" goals which may serve some other unrelated perceived social objective. Consider this required reading for all legislators, regulators, bankers and their advisors involved with TILA oversight, implementation or compliance."-- Neal L. Petersen, Attorney at Law, Former General Counsel, Federal Reserve Board "Scholars and policymakers have long needed a comprehensive treatment of the history, theory, and effectiveness of the Truth in Lending Act. And no one is better qualified to give us that treatment than respected scholars and veteran Federal Reserve economists, Thomas Durkin and Gregory Elliehausen. Durkin and Elliehausen tell the story of the triumphs and tragedies of the Truth in Lending Act, as well as a road to reform. In light of the recent financial crisis and the regulatory reforms that have
    Table of contents
    1. Preface