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1 1 FEDERAL TRADE COMMISSION 2 3 4 5 DEBT COLLECTION DIALOGUE 6 A conversation between government and business 7 8 9 Monday, June 15, 2015 10 1:30 p.m. 11 12 13 Burchfield Penney Art Center 14 1300 Elmwood Avenue 15 Buffalo, New York 16 17 18 19 20 21 22 23 24 Reported by: Richard B. Whalen, CM 25 2 1 FEDERAL TRADE COMMISSION 2 I N D E X 3 Welcome: PAGE: 4 By Eric Schneiderman 6 5 Attorney General, New York State 6 7 Opening Remarks: 11 8 By Jessica Rich 9 Director, Bureau of Consumer Protection 10 Federal Trade Commission 11 12 Introduction: 19 13 By Thomas Kane, Senior Attorney 14 Division of Financial Practices 15 Bureau of Consumer Protection 16 Federal Trade Commission 17 18 Presentations: 20 19 By James Morrissey, Assistant Attorney 20 General Office of the New York 21 Attorney General 22 23 By Christopher Koegel, Assistant Director 24 Division of Financial Practices 25 Federal Trade Commission 3 1 2 FEDERAL TRADE COMMISSION 3 I N D E X (Cont.) 4 5 Presentations (Cont.): 6 By Greg Nodler, Senior Counsel 7 Enforcement Policy and Strategy 8 Consumer Financial Protection Bureau 9 10 By Joy Feigenbaum, Executive Deputy 11 Superintendent Financial Frauds and 12 Consumer Protection New York State 13 Department of Financial Services 14 15 Question-and-Answer Session: 74 16 17 Closing Remarks: 119 18 By Thomas Kane, Senior Attorney 19 Division of Financial Practices 20 Bureau of Consumer Protection 21 Federal Trade Commission 22 23 24 25 4 1 P R O C E E D I N G S 2 DR. -
A History of Usury and Debt
Beggar Thy Neighbor A History of Usury and Debt By Charles R. Geisst When he finally returned to Rome, he did found in almost all societies since antiq- so a wealthy man. uity. Charging interest on loans is the Seven years before the assassination The problem caused Cicero to coin a oldest financial practice. It has also been of Julius Caesar, an acrimonious dispute name for the practice which became a decried almost from the beginning as broke out between Marcus Tullius Cicero, cornerstone of Roman law. The story was predatory, with the lender seeking to take at the time the provincial governor of told innumerable times over the next 1,800 advantage of the borrower. Whether loans Cilicia, and Marcus Junius Brutus, a young years. The Roman historians dutifully were made in cash or in kind, unscrupu- provincial Roman administrator. The elder recorded it, and Adam Smith alluded to lous lenders were said to be practicing a statesman chided the younger man for it in the Wealth of Nations. According to beggar-thy-neighbor policy by ensuring using his administrative post in Cyprus to Roman law, simple interest was permit- that the borrowers were disadvantaged to earn ill-gotten gains at the expense of the ted, but compound interest was anathema. the point of losing their collateral, or in local people. Cicero received reports that Compounding had been used in many extreme cases even losing their freedom Brutus had been lending money in Cyprus ancient civilizations, but the Romans even- or families. Charging simple interest was at four times the maximum rate stipulated tually made it illegal. -
Civil Disobedience from a Biblical Perspective
LIBERTY UNIVERISTY Submitted to Professor Fischer for the Journal of Statesmanship and Public Policy by Gabriel Z. Reed December 7th, 2020 Gabriel Z. Reed is an undergraduate student at Liberty University studying International Relations focusing on Strategic Intelligence, minoring in History. He intends to pursue a Master’s Degree in History at Liberty University. He served as a research assistant for the Family Foundation, and has a background in the ecclesiastical field. Introduction To say that civil disobedience is a complicated topic is to severely understate the topic. It is a subject matter that has derived many different and disparate opinions, points of view, and public policies. Specifically, within America today, we observe calls for civil disobedience from both sides of the political spectrum, over several divergent political ideals. These issues are, primarily, driven from both sides’ desire to provide protection and provision for the oppressed and those who cannot necessarily speak for themselves. The definition of who is necessarily oppressed and whom their oppressors are varies from person to person, regardless of political affiliation. At the present moment, the general consensus from either side of the fence appears to be that we are existing in an increasingly flawed system, and that there appears to be fewer and fewer ways to address it within the bounds of our current legal system. This has led both sides to take drastic measures increasingly outside the rule of law in order for their voices to be heard. For Judeo- Christians, this causes no small amount of conflict. What manner of steps should those of the mind to intervene for whatever issue they feel is pressing be capable of doing, within the moral framework of their own worldview? In this essay, these issues shall be examined, both with regards to our own American and Western history, and when it comes to Biblical viewpoints on such pressing matters. -
Adhering to Our Views: Brennan and Marshall and the Relentless Dissent to Death As a Punishment
Florida State University Law Review Volume 22 Issue 3 Article 1 1995 Adhering to Our Views: Brennan and Marshall and the Relentless Dissent to Death as a Punishment Michael Mello [email protected] Follow this and additional works at: https://ir.law.fsu.edu/lr Part of the Law Commons Recommended Citation Michael Mello, Adhering to Our Views: Brennan and Marshall and the Relentless Dissent to Death as a Punishment, 22 Fla. St. U. L. Rev. 591 (1995) . https://ir.law.fsu.edu/lr/vol22/iss3/1 This Article is brought to you for free and open access by Scholarship Repository. It has been accepted for inclusion in Florida State University Law Review by an authorized editor of Scholarship Repository. For more information, please contact [email protected]. FLORIDA STATE UNIVERSITY LAW REVIEW ADHERING TO OUR VIEWS: BRENNAN AND MARSHALL AND THE RELENTLESS DISSENT TO DEATH AS A PUNISHMENT Michael Mello VOLUME 22 WINTER 1995 NUMBER 3 Recommended citation: Michael Mello, Adhering to Our Views: Brennan and Marshall and the Relentless Dissent to Death as a Punishment, 22 FLA. ST. U. L. REV. 591 (1995). ADHERING TO OUR VIEWS: JUSTICES BRENNAN AND MARSHALL AND THE RELENTLESS DISSENT TO DEATH AS A PUNISHMENT MICHAEL MELLO* I. INTRODUCTION ..................................................... 592 A. Capital Punishmentand the Modern Court: An Overview ..................................................... 593 B. The Evolving Law of Death: "The Supreme Court's Obstacle Course" .............................. 598 II. LEGITIMACY IN HISTORY ......................................... 606 A. The Supreme Court: "Nine Scorpions in a Bottle" .................... .................................. 606 B. Early History of Dissent ................................. 607 1. Seriatim Opinions..................................... 607 2. Early "Opinions of the Court"--andEarly Dissents ................................................ -
Recent Cases
Vanderbilt Law Review Volume 23 Issue 4 Issue 4 - May 1970 Article 7 5-1970 Recent Cases Law Review Staff Follow this and additional works at: https://scholarship.law.vanderbilt.edu/vlr Part of the Administrative Law Commons, Constitutional Law Commons, and the Intellectual Property Law Commons Recommended Citation Law Review Staff, Recent Cases, 23 Vanderbilt Law Review 809 (1970) Available at: https://scholarship.law.vanderbilt.edu/vlr/vol23/iss4/7 This Note is brought to you for free and open access by Scholarship@Vanderbilt Law. It has been accepted for inclusion in Vanderbilt Law Review by an authorized editor of Scholarship@Vanderbilt Law. For more information, please contact [email protected]. RECENT CASES Accountants-Auditors-Compliance with General Accounting Principles Not a Complete Defense To Criminal Fraud Defendants' are members of a certified public accounting firm which was retained annually by Continental Vending Corporation (Continental) to audit its financial statements. While conducting a yearly audit, defendants learned that an affiliated company, Valley Commercial Corporation (Valley),2 was not in a position to repay its debt 3 to Continental. .The president of Valley, however, offered to secure the debt personally. Defendants determined that if adequate collateral' was posted, Continental's statements could be certified without reviewing Valley's books.5 The collateral was obtained,, its value was confirmed,7 and the receivable was entered on the balance sheet8 subject to an explanation in a footnote.' The statements were 1. Defendants are a senior partner, a junior partner, and a senior associate in the national accounting firm of Lybrand, Ross Bros. -
Love Your Enemies
By President Dallin H. Oaks First Counselor in the First Presidency said, Thou shalt love thy neighbour, and hate thine enemy. Love Your Enemies “But I say unto you, Love your enemies, bless them that curse you, do good to them that hate you, and pray for them which despitefully use Knowing that we are all children of God gives us a you, and persecute you” (Matthew 5:43–44).1 vision of the worth of others and the ability to rise For generations, Jews had been taught to hate their enemies, and they above prejudice. were then suffering under the domi- nation and cruelties of Roman occu- pation. Yet Jesus taught them, “Love your enemies” and “do good to them The Lord’s teachings are for eternity spilled over into political statements that . despitefully use you.” and for all of God’s children. In this and unkind references in our Church What revolutionary teachings for message I will give some exam- meetings. personal and political relationships! ples from the United States, but the In a democratic government we But that is still what our Savior com- principles I teach are applicable will always have differences over mands. In the Book of Mormon we everywhere. proposed candidates and policies. read, “For verily, verily I say unto you, We live in a time of anger and However, as followers of Christ we he that hath the spirit of contention hatred in political relationships and must forgo the anger and hatred with is not of me, but is of the devil, who policies. -
S Revolution! the Battleplan Against the NWO! by Thomas Eidsaa Last Edited 13.04.2020 a Compilation of Articles, Read Alongside Internet
1 2 The People`s Army`s Revolution! The battleplan against the NWO! By Thomas Eidsaa last edited 13.04.2020 A compilation of articles, read alongside internet. Exposing and defeating the black magic NWO! I wish you a happy revolution! Be careful! We are not fighting an armed conflict but an infowar. ¨Peace love anarchy!¨ PS! My Christian book series are national-conservative and religious conservative. This book is more liberal, dedicated to why we need a revolution and the few ways of actually achieving revolution. Cover and all writing by Thomas Eidsaa copyright 2019. No part in this publication may be used or transmitted in any way without the expressed written consent of the publisher, except for short excerpts for the use in reviews. 3 Other books by Thomas Eidsaa: The GRRRRR book-series, or The Great Romantic Revivalist`s Reformation Revolution Renaissance series, is a an eye-opening Christian series which detail all my research into Christianity, neo- charismatic theology, apologetics, ontological arguments, the problem of evil, eschatology, and conspiracy theories of great importance every Christian needs to understand. It is a work aimed at waking you up and expose the evil you never thought existed. What you don`t know can still kill you. It is a guide, and compendium of important topics relating to the radical, Christian faith in the dangerous, unpredictable 21st century death of Europe. I take the reader on an amazing journey – uniting 1st century Nazarene knowledge with 21st century science, theology and societal problems. I personally believe the knowledge therein will create peace on Earth. -
Render Unto Caesar
RENDER UNTO CAESAR Weekly transmission 44-2017 presents: Then went the Pharisees, and took counsel how they might entangle him in his talk... II Should we pay or shouldn't we? Permission to resist taxes ? III-IV Weekly Drawing by Théophile Bouchet: Jesus became indignant VI Rembrandt. The Tribute Money, original etching, 1634 1 Evocation de la vente du Cabinet Debois de 1844 3 Previous transmissions can be found at: www.plantureux.fr Matthew 22:15-22 — KJV [King James Version] 15. Then went the Pharisees, and took counsel how they might entangle him in his talk. 16. And they sent out unto him their disciples with the Herodians, saying, Master, we know that thou art true, and teachest the way of God in truth, neither carest thou for any man: for thou regardest not the person of men. 17. Tell us therefore, What thinkest thou? Is it lawful to give tribute unto Caesar, or not? 18. But Jesus perceived their wickedness, and said, Why tempt ye me, ye hypocrites? 19. Shew me the tribute money. And they brought unto him a penny. 20. And he saith unto them, Whose is this image and superscription? 21. They say unto him, Caesar's. Then saith he unto them, Render therefore unto Caesar the things which are Caesar's; and unto God the things that are God's. 22. When they had heard these words, they marvelled, and left him, and went their way. The e-bulletins present articles as well as selections of books, albums, photographs and documents as they have been handed down to the actual owners by their creators and by amateurs from past generations. -
Usury: Utilitarian Or Useless?
Florida State University Law Review Volume 3 Issue 2 Article 1 Spring 1975 Usury: Utilitarian or Useless? Jarret C. Oeltjen Florida State University College of Law Follow this and additional works at: https://ir.law.fsu.edu/lr Part of the Law Commons Recommended Citation Jarret C. Oeltjen, Usury: Utilitarian or Useless?, 3 Fla. St. U. L. Rev. 167 (1975) . https://ir.law.fsu.edu/lr/vol3/iss2/1 This Article is brought to you for free and open access by Scholarship Repository. It has been accepted for inclusion in Florida State University Law Review by an authorized editor of Scholarship Repository. For more information, please contact [email protected]. FLORIDA STATE UNIVERSITY LAW REVIEW VOLUME 3 SPRING 1975 NUMBER 2 USURY: UTILITARIAN OR USELESS? JARRET C. OELTJEN TABLE OF CONTENTS I. INTRODUCTION ...... ............... 169 II. HISTORY ................ 171 A. General History ..... ............. 171 B. Sales Credit and Credit Cards ... ........ 180 C. Recent Developments ... ........... 182 III. METHODS USED To AVoID USURY LAWS ...... 184 A. The Corporate Exception ... .......... 184 B. The Time Price Doctrine ......... 186 C. Option To Repurchase, Sale-leaseback, and "Wrap-around" Mortgage .. ......... 187 D. Discounting Negotiable Paper ... ........ 188 E. The Wage Purchase .... ............ 189 F. The CollateralAdvantage Doctrine . ....... .190 G. Choice of Laws ... ........... 193 H. Profit Sharing ..... .............. 193 I. Additional Fees Charged by Lenders . ...... 194 J. ComputationalDifferences ... .......... 195 IV. FINANCE CHARGES ...... .............. 196 A. Composition ..... .............. 196 B. The Charge ..... .............. 198 V. SURVEY OF STATUTORY USURY LAW IN FLORIDA .... 201 A. General Usury-Chapter 687 .. ........ 201 B. Consumer Finance Act-Chapter 516 ....... .201 C. Industrial Savings Banks (Morris Plan Banks)-Chapter 656 ... ........... 202 D. -
Fairness and Redistribution
Fairness and Redistribution By ALBERTO ALESINA AND GEORGE-MARIOS ANGELETOS* Different beliefs about the fairness of social competition and what determines income inequality influence the redistributive policy chosen in a society. But the composition of income in equilibrium depends on tax policies. We show how the interaction between social beliefs and welfare policies may lead to multiple equi- libria or multiple steady states. If a society believes that individual effort determines income, and that all have a right to enjoy the fruits of their effort, it will choose low redistribution and low taxes. In equilibrium, effort will be high and the role of luck will be limited, in which case market outcomes will be relatively fair and social beliefs will be self-fulfilled. If, instead, a society believes that luck, birth, connec- tions, and/or corruption determine wealth, it will levy high taxes, thus distorting allocations and making these beliefs self-sustained as well. These insights may help explain the cross-country variation in perceptions about income inequality and choices of redistributive policies. (JEL D31, E62, H2, P16) Pre-tax inequality is higher in the United support the poor; an important dimension of States than in continental West European coun- redistribution is legislation, and in particular the tries (“Europe” hereafter). For example, the regulation of labor and product markets, which Gini coefficient in the pre-tax income distribu- are much more intrusive in Europe than in the tion in the United States is 38.5, while in Europe United States.1 it is 29.1. Nevertheless, redistributive policies The coexistence of high pre-tax inequality are more extensive in Europe, where the income and low redistribution is prima facia inconsis- tax structure is more progressive and the overall tent with both the Meltzer-Richard paradigm of size of government is about 50 percent larger redistribution and the Mirrlees paradigm of so- (that is, about 30 versus 45 percent of GDP). -
THE EFFECTS of USURY LAWS: EVIDENCE from the ONLINE LOAN MARKET Oren Rigbi*
THE EFFECTS OF USURY LAWS: EVIDENCE FROM THE ONLINE LOAN MARKET Oren Rigbi* Abstract—Usury laws cap the interest rates that lenders can charge. Using improved significantly over time.4 More recent empirical data from Prosper.com, an online lending marketplace, I investigate the effects of these laws. The key to my empirical strategy is that there was studies have focused on the effects of access to credit at initially substantial variability in states’ interest rate caps, ranging from very high interest rates, also known as payday loans. The 6% to 36%. A behind-the-scenes change in loan origination, however, sud- main findings of this work are that obtaining credit at high denly increased the cap to 36%. The main findings of the study are that higher interest rate caps increase the probability that a loan will be funded, rates does not alleviate economic hardship but rather has especially if the borrower was previously just “outside the money.” I do not adverse effects on loan repayments, the ability to pay for other find, however, changes in loan amounts and default probability. The interest services, and job performance (Melzer, 2011; Skiba & Tobac- rate paid rises slightly, probably because online lending is substantially, yet imperfectly, integrated with the general credit market. man, 2009; Carrell & Zinman, 2008). A recent contribution to the debate is that of Benmelech and Moskowitz (2010), who demonstrate that imposing interest rate restrictions hurts, I. Introduction rather than helps, the financially weak. EGISLATED caps on interest rates, known as usury This paper contributes to the debate by exploiting an exoge- L laws, one of the oldest forms of market regulation, nous increase in the interest rate cap that has affected some have inspired considerable debate throughout their history.1 online borrowers. -
11GUEREE CO, Cent Efficiency Would.Be Secured If They Do Not Think I Am Best on October 14 William Kaempffer,-Mrs^-M
;:.:::!.-.:.-. __,V. -./ -v . o PAGE TEN fSEfTEMBER 2_, 3,944 08k 1 will determine"^; peace terms, and if the other nation' tones, nearly obscured what little English he could com- A free land is one where a about his Job" waiter or clerk can properly Next Salvar* Drive The Rahway Record don't like it therWs nothing they can do about it. mand in his relation to Lieutenant Paul Mancusbt of the answer people who unjustly bawl Established July 13, 1833 tale of how he and another, Louis Shockley, 84 East Hazel him out—provided he doesn't core 'This Record will wrap a torrid -1170 Broad 8tn*t Tel. Rah. 7-0600 New Furthermore," the "indispensable", man should know pack f or Tojo. ""HMo SUNDAY, OCT. 8 Published Thursday arteroons by The Rahway Publishing Corporation. that whatever is agreed upon at the Dumbarton Confer wood avenue, at separate times Wednesday night, had been II Xntered at the post office at Rahway, New Jersey, as Hcond class mall matter Waste Paper In Bundles under the act of March 3, 1879. ence, will not last two minutes when the general confer badly beaten by two hold-up men. The reason for the ma- Tin Cans, cleaned and flattened CASUALTIES 1NCEEASE With 4 Allied fronts. Walter • P. Marpre-iT. ...—P-blUber ence of all nations is called, for the other-countries,-dis licious, attack,- according to Albert, was-that he had.been Help to Win the War r O. C. Stearns.. Editor SURGICAL DRESSINGS gusted at the procrastination and appeasement methods able to produce only 20 cents when his assailants, whom he EXCLUSIVE AT'RrjrCOERKE CO.