Preemption Rule - Publications - Faculty & Research

October 2019
Article

Partial Deregulation and Competition: Effects on Risky Mortgage Origination

By: Marco Di Maggio, Amir Kermani and Sanket Korgaonkar

We exploit the OCC's preemption of national banks from state laws against predatory lending as a quasi-experiment to study the effect of deregulation and its interaction with competition on the supply of complex mortgages. Following the preemption ruling, national... View Details

Keywords: Great Recession; Subprime; Complex Mortgages; Credit Supply; Household Debt; Preemption Rule; Competition; Mortgages; Government Legislation; Credit; Financial Crisis

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November 2017
Article

Credit-Induced Boom and Bust

By: Marco Di Maggio and Amir Kermani

Can a credit expansion induce a boom and bust in house prices and real economic activity? This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy.... View Details

Keywords: Great Recession; Subprime; Credit Supply; Credit Expansion; Household Leverage; Household Debt; Preemption Rule; Mortgages; Laws and Statutes; Credit; Household; Borrowing and Debt; Economic Slowdown and Stagnation

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09 Aug 2016
First Look

August 9, 2016

economic activity? This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy. Specifically, we exploit the heterogeneity... View Details

Keywords: Sean Silverthorne

Web

Research - Behavioral Finance & Financial Stability

Amir Kermani & Sanket Korgaonkar FEB 2019 How does financial deregulation affect the use of complex loans features? How do regulated intermediaries react to the deregulation of other lenders? The authors exploit the preemption of national... View Details

30 Nov 2016
Op-Ed

Where Could More Regulation Help Small Businesses? Online Lending.

and purviews. This leaves online small business lenders to be governed by an expensive and time-consuming patchwork of state oversight, often with inconsistent rules that can confine online lending to state-by-state silos, undermining... View Details

Keywords: by Karen Mills and Brayden McCarthy; Financial Services

01 Sep 2009
News

Over the Top

U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness. The Business Roundtable was no less emphatic. “This is an unprecedented preemption of state corporate law that will turn boards of more than 15,000 publicly traded... View Details

Keywords: Roger Thompson; Colleges, Universities, and Professional Schools; Educational Services; Finance; Government

21 Sep 2009
Research & Ideas

Excessive Executive Pay: What’s the Solution?

was no less emphatic. "This is an unprecedented preemption of state corporate law that will turn boards of more than 15,000 publicly traded companies into political bodies and threaten their ability to function," said Roundtable... View Details

Keywords: by Roger Thompson

22 Apr 2008
First Look

First Look: April 22, 2008

Working PapersThe 'Thin Film of Gold': Monetary Rules and Policy Credibility In Developing Countries Authors:Niall Ferguson and Moritz Schularick Abstract This paper asks whether developing countries can reap credibility gains from... View Details

Keywords: Martha Lagace

01 Sep 2015
First Look

First Look -- September 1, 2015

non-market strategy. While there have been excellent studies highlighting the importance of preemption in Private Politics, political ties in Public Politics, and forum shopping in Integrated Political Strategy, it is unclear if these... View Details