Consumer credit access decreases by 4.5% to 8% when a borrower's home-state U.S. Senator chairs a powerful Senate committee. Credit access declines because lenders connected to powerful politicians feel protected and hence view fair-lending regulations as being less binding. We find that credit...

I provide empirical evidence that the effect of high-cost credit access on household material well-being depends on if a household is experiencing temporary financial distress. Using detailed data on household consumption and location, as well as geographic variation in access to high cost...