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objective circumstances. For example, two day-traders betting in the stock market may differ along either dimension. Each may …
Persistent link: https://www.econbiz.de/10011448790
The aftermath of the financial crisis has seen the formation of several new banking regulators and an onslaught of new financial regulation. In the area of consumer financial protection bureau these regulations have resuscitated the regulatory approach of prior eras, namely substantive...
Persistent link: https://www.econbiz.de/10012963104
For a half century, nonprofit credit counseling organizations have offered financial education and budget counseling sessions at nominal cost to borrowers. They also negotiate comprehensive repayment plans with a borrower's unsecured creditors. These repayment plans provide an alternative to...
Persistent link: https://www.econbiz.de/10012733522
We analyze 15.6 million storefront payday loans made to 1.8 million unique borrowers in 2013 to examine payday loan terms and usage. We find that loan prices and loan amounts are generally not at state-mandated maximum levels. For the 30 states in our sample, we find that the number of loans per...
Persistent link: https://www.econbiz.de/10013210902
The Consumer Financial Protection Bureau (CFPB) is considering new regulation of payday lending and bank overdraft protection. The Dodd-Frank Act, which established the CFPB, recognizes that consumers benefit from competition among providers of consumer credit products. That law requires the...
Persistent link: https://www.econbiz.de/10013062102
Persistent link: https://www.econbiz.de/10008699790
We study the effects of regulatory oversight by the Consumer Financial Protection Bureau (CFPB) on credit supply as well as bank risk-taking, growth, and operating costs. We use a difference-in-differences approach, making use of the fact that banks below a $10 billion size cutoff are exempt...
Persistent link: https://www.econbiz.de/10011868541
Credit related insurance and other debt protection are products sold in conjunction with credit that extinguish a consumer's debt or suspends its periodic payments if events like death, disability, or involuntary unemployment occur. High penetration rates observed in the 1950s and 1960s raised...
Persistent link: https://www.econbiz.de/10011803705
This paper examines how a negative shock to the security of personal finances due to severe identity theft changes consumer credit behavior. Using a unique data set of consumer credit records and alerts indicating identity theft and the exogenous timing of victimization, we show that the...
Persistent link: https://www.econbiz.de/10011971286
This paper finds that stricter laws regulating third-party debt collection reduce the number of third-party debt collectors, lower the recovery rates on delinquent credit card loans, and lead to a modest decrease in the openings of new revolving lines of credit. Further, stricter third-party...
Persistent link: https://www.econbiz.de/10012198557