Consumer protections (graded)
In week 1 we covered ethics and the role law and politics plays with it. The “pendulum” thread topic in Week 1 suggested you read the article found at the end of Chapter 14, written by your textbook author in 2010. This week we will focus on laws which have been passed specifically to protect consumers. Your Professor will lead you through multiple of those this week. Note that a quick review of that article may assist you as well – as your textbook author’s view on this subject may or may not correspond to your opinion on the matter of foreclosures, causes, blame and solutions. The attempts by government to protect consumers against unethical loan practices, collection of debt practices, and product costs will continue to make it more difficult to be profitable.
To start our discussion this week – let’s review the Andrews v Chevy Chase Bank case which is Case 14.2, pp. 467-469 of your textbook. We will start with the questions found in the text and go from there.
1. List the violations of the TILA that Chevy Chase Bank made
2. Explain the remedies the Andrews are entitled to and which they are not.
3. What advice would you give a lender based on this case regarding “teaser” interest rates on loans?