guild christmas December 20, 2007
Posted by Bradley in : Uncategorized , comments closedmedia literacy in the eu December 20, 2007
Posted by Bradley in : Uncategorized , comments closedEiuropeans don’t only need financial education, they also need to improve their media literacy, according to the Commission. There is an overlap with financial education, as one of the areas the Commission identifies as one where work is needed is “media literacy for commercial communication, covering issues related to advertising”. Although the idea of media literacy involves being creative as well as just absorbing what others produce it includes:
being aware of copyright issues which are essential for a “culture of legality”, especially for the younger generation in its double capacity of consumers and producers of content.
clear and conspicuous disclosure December 19, 2007
Posted by Bradley in : Uncategorized , comments closedThe Fed’s proposed changes to Regulation Z, published yesterday, in the sort of coincidence of transatlantic regulatory focus that is more and more common these days (see the EU Commission’s documents on financial education and mortgage finance also published yesterday) includes provisions to encourage clear and conspicuous disclosure of mortgage terms. In 2003 the Fed proposed to require clear and conspicuous disclosures across the spectrum, including under regulation Z, but withdrew the proposal the following year.
It is worth noting here that the UK’s Financial Services Agency has been promoting the general idea of treating customers fairly across a range of financial services for some time.
eu mortgage credit market December 18, 2007
Posted by Bradley in : Uncategorized , comments closedMeanwhile, the mortgage credit white paper, also published today says this:
Taking out a mortgage credit is an important decision for any consumer. The Commission believes that there can be no efficient market without confident and empowered consumers, who are able to seek out and choose the best mortgage product for their needs, regardless of the location of the mortgage lender. In order to make an appropriate choice, consumers require clear, correct, complete and comparable information on different mortgage products.
The Commission considers it essential that mortgage lenders lend responsibly, in particular by thoroughly assessing the borrowers’ ability to pay instalments in the context of the transaction envisaged. They can do such an assessment in a variety of ways, for example by consulting a database. Irresponsible lending and mis-selling of mortgage loans by mortgage lenders or unscrupulous credit intermediaries can, as illustrated by the current sub-prime turmoil, have a negative impact on the economy at large.
Good advice, including legal advice, is an important element in enhancing consumer confidence. It is distinct from information, which is merely a description of the product. The Commission wishes to promote high-level mortgage advice standards, whilst recognising that not all consumers need the same level of advice.
eu financial education December 18, 2007
Posted by Bradley in : Uncategorized , comments closedFrom the EU Commission’s Communication on Financial Education, published today:
The current difficulties in the US sub-prime mortgage market, where many consumers have taken on mortgages beyond their means owing, in part, to a lack of understanding of product features, serve as a reminder of the magnitude of the problem. Member States should play a central role but the EU can assist them.
Education can solve some, but not all, problems of this sort. Borrowers who are determined to lie about their assets and income to obtain mortgage loans won’t necessarily be deterred from such behaviour by more financial education.
gambling services December 17, 2007
Posted by Bradley in : Uncategorized , comments closedAccording to the FT, today the:
European Union accepted a US offer to open some other services markets as compensation for shutting foreign companies out of America’s lucrative gambling industry.
The USTR announcement is short, and not very informative:
“We are pleased to confirm that the United States has reached agreement in the GATS Article XXI process with Canada, the EU and Japan. The agreement involves commitments to maintain our liberalized markets for warehousing services, technical testing services, research and development services and postal services relating to outbound international letters. These commitments meet our WTO obligation under GATS Article XXI to make a compensatory adjustment in our WTO services commitments. We now enter a 45-day period in which the remaining claimants have a right to request arbitration. We will continue to discuss this matter with the other claimants to explain how our proposal is consistent with our WTO obligations.”
commencement december 2007 December 16, 2007
Posted by Bradley in : Uncategorized , comments closedUM Law had its December 2007 commencement ceremony today to celebrate the achievements of our graduates. The speaker was Frank Angones, an alumnus of the school and the current President of the Florida Bar.
eu fundamental rights December 14, 2007
Posted by Bradley in : Uncategorized , comments closedThe Charter of Fundamental Rights of the EU was published in the Official Journal today (together with Explanations relating to the Charter of Fundamental Rights).
credit market turmoil December 13, 2007
Posted by Bradley in : Uncategorized , comments closedIt’s like being on the other side of the looking glass: while Calculated Risk reports that people are raiding their 401(k)s “to pay bills”, it looks as though the UK Government may be going to nationalise Northern Rock (and see Peston’s Picks here on this topic).
miamibeach411.com party December 12, 2007
Posted by Bradley in : Uncategorized , comments closedIn between thinking about exams and plastic snowmen and the transnational credit crunch I went to the MiamiBeach411.com seasonal party at Tuscan Steak described at Discourse.net, Sex and the Beach, Stuck on the Palmetto, Fanless, A Mom, A Blog and the Life In Between, All Purpose Dark, and Restaurant Gal.