Consumer Litigation in the Age of Combat Banking

Competition is the key phenomenon of consumer financial services in the late1980s. Lenders who formerly competed in a gentlemanly way, if at all, now scramble fiercely for market advantage. Federal deregulation has stimulated competition both inside the industry and among lenders, insurance companies, and securities firms.3 Combat banking has produced a variety of products and prices for consumers that was unknown ten years ago, benefitting both financial services providers and society as a whole. But unrestrained competition, coupled with the failure of some regulators to curb abuses, has also created a risk of civilian casualties in this field. Bank managers and staff are often given a dual message: in the