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In a recent review of Truth in Lending law, the Federal Reserve System's Board of Governors turned to Professor Elizabeth Renuart's article "The Truth, the Whole Truth, and Nothing but the Truth: Fulfilling the Promise of Truth in Lending" for perspective. The Board released proposed regulations and accompanying discussion that, among other things, considers the concerns that Professor Renuart and her co-author raised in their article, citing the article in relation to specific provisions that may require amendment.
"I am pleased that this article informed the Board's thinking," said Professor Renuart, who joined Albany Law School this past summer as an assistant professor of law.
She co-authored the piece while working as an attorney with the National Consumer Law Center (NCLC) in its Boston office, focusing on predatory lending, Truth in Lending, consumer credit issues and sustainable homeownership issues. While at the NCLC, Professor Renuart also co-authored two of the organization's treatises, "Truth in Lending" and "The Cost of Credit: Regulation and Legal Challenges." She is also the author of the recently published "Stop Predatory Lending: A Guide for Legal Advocates."
Prior to joining the NCLC in 1996, she was the managing attorney of a legal services program in Baltimore that provided representation to homeowners in danger of losing their homes.
"We saw the beginnings of what resulted in the current foreclosure and economic crisis then and, in particular, starting in 1994 when Wall Street started packaging and selling securities based upon these mortgages," recalled Professor Renuart, who earned her law degree at Catholic University's Columbus School of Law in Washington, D.C. "That morphed into the ‘subprime' market and things took off from there."
Her current research and writing is focused specifically on using data obtained from hundreds of mortgage loan documents to assess the vitality of a current federal disclosure law addressing the financial information that must be provided before and at the closing of a loan. She is also teaching Albany Law students in a class on Commercial Law Survey, which introduces the students to commercial law governing contracts for the sale of goods, payment instruments, and credit or loans secured by an interest in goods.
"I hope to bring my practical experience to bear so students can see why this area of law is so influential in their lives and those of all other consumers and businesses in the United States," she said.