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Law Symposium - Fall 2011

Regulation in the Fringe Economy

November 10-11, 2011
Millhiser Moot Court Room
Sydney Lewis Hall

The Washington and Lee Law Review and Frances Lewis Law Center are pleased to sponsor a symposium "Regulation in the Fringe Economy" on November 10-11, 2011.

Overview

The economy is in crisis.  Severe unemployment and rampant foreclosures have led to exponentially increasing financial needs.  Instead of turning to mainstream financial service providers like banks and credit unions, many people are turning to lenders on the fringes of the economy, using services such as payday loans, auto title loans, for-profit college loans, and refund anticipation loans. 

States across the country are responding to consumers' use of these products, but in wildly divergent ways—some have banned these fringe bankers altogether; others have embraced them with little or no regulations.  The federal government is also responding, poised to intervene into fringe credit markets for the first time ever through the newly created Consumer Financial Protection Bureau. 

The symposium will bring an interdisciplinary approach to confronting these legal problems, with the participation of prominent legal academics, political scientists, and economists who have written on the fringe economy. These experts will present a variety of research designs, ranging from quantitative and qualitative empirical papers to more traditional legal analyses.

Schedule

Thursday, November 10, 2011

4:30 P.M. Welcome

4:45 P.M. Forward by John Caskey

5:00 P.M. Panel 1: Testing Mainstream Ideas About Fringe Lending Regulation
Moderator: Bruce Miller

Robert Mayer
Lance McMillian
Todd Zywicki

Friday, November 11, 2011

9:00 A.M. Welcome

9:15 A.M. Keynote Speech by Ronald Mann

10:15 A.M. Panel 2: Should Payday Loans Be Regulated And How
Moderator: Hilary Miller

Jay Speer
Paige Marta Skiba
Christopher Peterson
William Webster

12:00 P.M. Lunch

All registered attendees are welcome.

1:15 P.M. Panel 3: Tomorrow's Fringe Lending Issues
Moderator: Margaret Howard

Jean Braucher
Eric Chaffee / Geoffrey Rapp
Nathalie Martin

3:00 P.M. Local Perspective: The Virginia Payday Loan Act

Virginia Delegate Benjamin Cline

3:10 P.M. Panel 4: Empirical Data and a Direction for Federal Regulation

Creola Johnson
Richard Hynes
Alan White
Jim Hawkins

Keynote Speaker

Ronald Mann Ronald Mann (Columbia Law School).

Confirmed Panelists and Authors

Jean Braucher Jean Braucher (University of Arizona): Mortgaging Human Capital: Federally-Funded Subprime Higher Education
View Paper Abstract
Eric Chaffee Eric Chaffee (University of Dayton): Regulating On-Line Peer-to-Peer Lending in the Aftermath of Dodd-Frank: In Search of an Evolving Regulatory Regime for an Evolving Industry
View Paper Abstract
View Draft Paper
Jim Hawkins Jim Hawkins (Houston): Credit on Wheels
View Paper Abstract
View Draft Paper
Rich Hynes Rich Hynes (University of Virginia): Payday Lending, Bankruptcy, and Insolvency
View Paper Abstract
View Draft Paper
Creola Johnson Creola Johnson (Ohio State): What's Good For The Goose Is Good For The Gander: Why Shouldn't Payday Loan Protections Afforded To Military Families Be Extended To All Americans?
View Paper Abstract
View Draft Paper
Nathalie Martin Nathalie Martin (New Mexico): The Alliance Between Payday Lenders and Tribes: Are Both Tribal Sovereignty and Consumer Protection at Risk?
View Paper Abstract
View Draft Paper
Robert Mayer Robert Mayer (Loyola University Chicago, Political Science Dept.): Loan Sharks, Interest-Rate Caps, and Deregulation
View Paper Abstract
View Draft Paper
Lance McMillian Lance McMillian (John Marshall Law School): Drug Markets, Fringe Markets, and the Lessons of Hamsterdam
View Paper Abstract
View Draft Paper
Christopher Peterson Christopher Peterson (Utah): "Warning: Predatory Lender"—A Proposal for Candid Local Payday Lending Signage Ordinances
View Paper Abstract
View Draft Paper
Katie Porter Katie Porter (UC Irvine): The Damage of Debt
View Paper Abstract
View Draft Paper
Geoffrey Rapp Geoffrey Rapp (University of Toledo): Regulating On-Line Peer-to-Peer Lending in the Aftermath of Dodd-Frank: In Search of an Evolving Regulatory Regime for an Evolving Industry
View Paper Abstract
View Draft Paper
Paige Marta Skiba Paige Marta Skiba (Vanderbilt): The Rationality of Payday Loans
View Paper Abstract
View Draft Paper
William Webster William Webster (Advance America, Chairman and Director): Payday Loan Prohibitions: Protecting Financially Challenged Consumers or Pushing Them Over the Edge?
View Draft Paper
Alan White Alan White (Valparaiso): Welfare Economics and Regulation of Small-Loan Credit: Lessons from Microcredit in Developing Nations
View Paper Abstract
Todd Zywicki Todd Zywicki (George Mason): Analyzing the FDIC's Proposed Guidance on Bank Overdraft Protection
View Paper Abstract
View Draft Paper

Confirmed Participants

Harlan Beckley Harlan Beckley (Shepherd Poverty Program, Director).
John Caskey John Caskey (Swarthmore, Economics Dept.)
Margaret Howard Margaret Howard (Washington and Lee Law School)
Bruce Miller R. Bruce Miller (Stephens Inc., Managing Director).
Hilary Miller Hilary Miller (Payday Loan Bar Association, President; Consumer Credit Research Foundation, Director).
Jay Speer Jay Speer (Virginia Poverty Law Center, Executive Director)

Registration

Online registration is open. Please contact Wendy Rice at ricew@wlu.edu with additional questions.

Travel and Lodging Information

We have reserved a block of rooms at the Holiday Inn Express, 880 North Lee Highway, Lexington, VA 24450. Please contact them at 540.463.7351 or here to reserve your room for this event.

Click here for comprehensive information on travel and lodging.

Call for Papers

The symposium Regulation in the Fringe Economy represents the most significant attempt to date by legal scholars to address the vexing legal and social issues created by lenders on the fringes of the economy who offer payday, auto title, for-profit college, and refund anticipation loans. A complete list of confirmed participants and their paper topics is available at the conference website: http://law.wlu.edu/fringe. The

Frances Lewis Law Center and the Washington and Lee Law Review are delighted to sponsor this conference which will take place on November 10-11, 2011 at the Washington and Lee University School of Law in Lexington, Virginia. The Washington and Lee Law Review will publish a symposium issue featuring the conference papers in 2012.

The sponsors' goal is to encourage and recognize excellent legal scholarship in this area. To advance their goal, the sponsors invite lawyers, judges, and scholars to submit papers on regulation in the fringe economy. Papers on related high-risk consumer financial products are also encouraged. An author should submit his or her manuscript in an exclusive submission on or before August 15, 2011. A submission should be no longer than 50 pages or 15,000 words. A limited number of submissions will be accepted. Authors will be notified of the acceptance of their paper and participation in the symposium no later than August 20, 2011.

Selected authors will present their papers at the November 11 conference. All participants are asked to provide their own travel expenses. Papers specifying the conference may be mailed to the Washington and Lee Law Review or sent electronically to lawreview@wlu.edu. The Law Review Articles Editors and Washington and Lee University School of Law Professor Margaret Howard will review the papers.

Even if you are not able to submit a paper, the sponsors invite you to attend the conference. There will be no charge for attending. The Frances Lewis Law Center is a licensed Virginia Continuing Legal Education provider which will supply Virginia CLE credit for those attending.

Mallory A. Sullivan
Symposium Editor, Washington and Lee Law Review

Christine M. Shepard
Editor in Chief, Washington and Lee Law Review

Questions

If you have any questions, you may contact Mallory Sullivan (sullivan.ma@law.wlu.edu), the Symposium Editor of the Washington and Lee Law Review.