Truth in Lending

Theory, History, and a Way Forward

Thomas A. Durkin, Gregory Elliehausen

$315

Hardback

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English

Oxford University Press Inc
27 May 2011

Economic history; Banking; Investment & securities; Consumer protection law

Series: Financial Management Association Survey and Synthesis Series

This 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.

By: Thomas A. Durkin, Gregory Elliehausen
Imprint: Oxford University Press Inc
Country of Publication: United States
Dimensions: Height: 163mm, Width: 239mm, Spine: 25mm
Weight: 706g
ISBN: 9780195172959
ISBN 10: 0195172957
Series: Financial Management Association Survey and Synthesis Series
Pages: 384
Publication Date: 27 May 2011
Audience: General/trade , College/higher education , Professional and scholarly , ELT Advanced , Primary
Format: Hardback
Publisher's Status: Active

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.

Reviews for Truth in Lending: Theory, History, and a Way Forward

<br> 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 <br> 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 desig