Short Term Small Dollar Lending

Download Short Term Small Dollar Lending full books in PDF, epub, and Kindle. Read online Short Term Small Dollar Lending ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Short-Term, Small-Dollar Lending

Author : Congressional Research Service
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781973784029
Total Pages : 32 pages
Book Rating : 4.7/5 (84 download)

DOWNLOAD NOW!

Book Synopsis Short-Term, Small-Dollar Lending by : Congressional Research Service

Download or read book Short-Term, Small-Dollar Lending written by Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2017-07-20 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Short-term, small-dollar loans are consumer loans with relatively low initial principal amounts (often less than $1,000) with relatively short repayment periods (generally weeks or months). Short-term, small-dollar loan products are frequently used to cover cash-flow shortages that may occur due to unexpected expenses or periods of inadequate income. Small-dollar loans can be offered in various forms and by various types of lenders. Banks and credit unions (depositories) can make small-dollar loans through financial products such as credit cards, credit card cash advances, and checking account overdraft protection programs. Small-dollar loans can also be provided by nonbank lenders (alternative financial service [AFS] providers), such as payday lenders and automobile title lenders. The extent that borrower financial situations would be made worse from the use of expensive credit or from limited access to credit is widely debated. Consumer groups often raise concerns regarding the affordability of small-dollar loans. Borrowers pay rates and fees for small-dollar loans that may be considered expensive. Borrowers may also fall into debt traps, situations where borrowers repeatedly roll over existing loans into new loans and subsequently incur more charges rather than completely paying off the loans. Although the vulnerabilities associated with debt traps are more frequently discussed in the context of nonbank products such as payday loans, borrowers may still find it difficult to repay outstanding balances and face additional charges on loans such as credit cards that are provided by depositories. Conversely, the lending industry often raises concerns regarding the reduced availability of small-dollar credit. Regulations aimed at reducing costs for borrowers may result in higher costs for lenders, possibly limiting or reducing credit availability for financially distressed individuals. This report provides an overview of the small-dollar consumer lending markets and related policy issues. Descriptions of basic short-term, small-dollar cash advance products are presented. Current federal and state regulatory approaches to consumer protection in small-dollar lending markets are also explained, including a summary of a proposal by the Consumer Financial Protection Bureau (CFPB) to implement federal requirements that would act as a floor for state regulations. The CFPB estimates that its proposal would result in a material decline in small-dollar loans offered by AFS providers. The CFPB proposal has been subject to debate. The Financial CHOICE Act of 2017, which was passed by the House of Representatives on June 8, 2017, would prevent the CFPB from exercising any rulemaking, enforcement, or any other authority with respect to payday loans, vehicle title loans, or other similar loans. After discussing the policy implications of the CFPB proposal, this report examines general pricing dynamics in the small-dollar credit market. The degree of market competitiveness, which may be revealed by analyzing market price dynamics, may provide insights concerning affordability and availability options for users of certain small-dollar loan products. The Appendix discusses how to conduct meaningful price comparisons using the annual percentage rate (APR) as well as some general information about loan pricing.

FDIC Quarterly

Author :
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (327 download)

DOWNLOAD NOW!

Book Synopsis FDIC Quarterly by :

Download or read book FDIC Quarterly written by and published by . This book was released on 2009 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Short-term, Small Dollar Lending

Author : United States. Congress
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781979796996
Total Pages : 154 pages
Book Rating : 4.7/5 (969 download)

DOWNLOAD NOW!

Book Synopsis Short-term, Small Dollar Lending by : United States. Congress

Download or read book Short-term, Small Dollar Lending written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-11-17 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Short-term, small dollar lending : the CFPB's assault on access to credit and trampling of state and tribal sovereignty : hearing before the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fourteenth Congress, second session, February 11, 2016.

Payday Lending: Federal Law Enforcement Uses a MultiLayered Approach to Identify Employees in Financial Distress

Author : Alicia Puente Cackley
Publisher : DIANE Publishing
ISBN 13 : 1437980791
Total Pages : 60 pages
Book Rating : 4.4/5 (379 download)

DOWNLOAD NOW!

Book Synopsis Payday Lending: Federal Law Enforcement Uses a MultiLayered Approach to Identify Employees in Financial Distress by : Alicia Puente Cackley

Download or read book Payday Lending: Federal Law Enforcement Uses a MultiLayered Approach to Identify Employees in Financial Distress written by Alicia Puente Cackley and published by DIANE Publishing. This book was released on 2011-04 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the U.S., payday lending (PL) is a $40 billion a year industry. A PL is a small-dollar loan -- from $100 to $500 and re-payable in about two weeks. Consumers can pay fees of $15-20 for every $100 borrowed. In 2006 the DoD reported on predatory lending, incl. PL, and found that these loans impacted military readiness and troop morale. Concerns were raised about PL to federal employees in law enforcement and national security positions at four components. This report examined: (1) how these federal law enforcement agencies become aware of employees who are potential security risks due to financial problems, including PL; and (2) various alternatives to PL. Charts and tables. This is a print on demand edition of an important, hard-to-find report.

Small Dollar Lending

Author : Sian Baldwin Jones
Publisher :
ISBN 13 :
Total Pages : 162 pages
Book Rating : 4.:/5 (865 download)

DOWNLOAD NOW!

Book Synopsis Small Dollar Lending by : Sian Baldwin Jones

Download or read book Small Dollar Lending written by Sian Baldwin Jones and published by . This book was released on 2013 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Census data show that about 60 million, mostly low-income and minority, American adults either do not have a bank account or have an account but also rely on non-bank financial products to make ends meet. These products, such as payday loans, often have high costs per dollar lent and have historically fallen into gaps in both state and federal regulation. Texas, home of the largest payday lending companies in the country and over 2,500 payday lenders, provides an instructive case study of how small-dollar loan regulation has developed over the years, how non-bank financial institutions navigate the law, and how some organizations with non-profit missions have sought to offer affordable loan alternatives. This paper places current lending regulation in historical context, surveys federal and Texas law related to small-dollar loans prior to and following the financial crisis in 2008, and provides highlights from a federal pilot program designed to encourage banks to offer affordable small-dollar loan products. It also examines the experience of a community development financial institution (CDFI) in Brownsville, Texas that launched a small-dollar loan program in 2012. The federal pilot and Brownsville cases provide insights regarding the viability of affordable small-dollar products, as well as the challenges facing non-profit-maximizing institutions such as CDFIs when trying to develop loan programs under the current regulatory regime. Ultimately this paper concludes that, while there may always be a market for high-cost non-bank financial services, a combination of federal efforts to promote affordable options at banks and efforts by community-oriented CDFIs can go a long way towards providing lower-cost alternatives for people who currently rely on high-cost, non-bank products.

Payday Loans and Deposit Advance Products

Author : Consumer Financial Consumer Financial Protection Bureau
Publisher : CreateSpace
ISBN 13 : 9781499397031
Total Pages : 46 pages
Book Rating : 4.3/5 (97 download)

DOWNLOAD NOW!

Book Synopsis Payday Loans and Deposit Advance Products by : Consumer Financial Consumer Financial Protection Bureau

Download or read book Payday Loans and Deposit Advance Products written by Consumer Financial Consumer Financial Protection Bureau and published by CreateSpace. This book was released on 2014-05-09 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past year, the Consumer Financial Protection Bureau (CFPB) has engaged in an in-depth review of short-term small dollar loans, specifically payday loans extended by non-depository institutions and deposit advance products offered by a small, but growing, number of depository institutions to their deposit account customers. This review began with a field hearing held in Birmingham, Alabama in January 2012. At that event, CFPB Director Richard Cordray noted that "the purpose of the field hearing, and the purpose of all our research and analysis and outreach on these issues, is to help us figure out how to determine the right approach to protect consumers and ensure that they have access to a small loan market that is fair, transparent, and competitive." Director Cordray went on to state that "through forums like this and through our supervision program, we will systematically gather data to get a complete picture of the payday market and its impact on consumers," including how consumers "are affected by long-term use of these products."

Short-Term, Small Dollar Lending: The CFPB's Assault On Access To Credit And Trampling Of State And Tribal Sovereignty, February 11, 2016, 114-1

Download Short-Term, Small Dollar Lending: The CFPB's Assault On Access To Credit And Trampling Of State And Tribal Sovereignty, February 11, 2016, 114-1 PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

DOWNLOAD NOW!

Book Synopsis Short-Term, Small Dollar Lending: The CFPB's Assault On Access To Credit And Trampling Of State And Tribal Sovereignty, February 11, 2016, 114-1 by :

Download or read book Short-Term, Small Dollar Lending: The CFPB's Assault On Access To Credit And Trampling Of State And Tribal Sovereignty, February 11, 2016, 114-1 written by and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Short-term, Small Dollar Lending

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Publisher :
ISBN 13 :
Total Pages : 148 pages
Book Rating : 4.:/5 (21 download)

DOWNLOAD NOW!

Book Synopsis Short-term, Small Dollar Lending by : United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit

Download or read book Short-term, Small Dollar Lending written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2017 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Moving Forward

Author : Nicolas Paul Retsinas
Publisher : Brookings Institution Press
ISBN 13 : 0815705034
Total Pages : 274 pages
Book Rating : 4.8/5 (157 download)

DOWNLOAD NOW!

Book Synopsis Moving Forward by : Nicolas Paul Retsinas

Download or read book Moving Forward written by Nicolas Paul Retsinas and published by Brookings Institution Press. This book was released on 2011 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial experts explore what caused the financial crisis and discuss new research and ideas about the future of credit markets, including how improvements might be shaped by industry leaders. Original.

Payday Lending

Author : Carl Packman
Publisher : Springer
ISBN 13 : 1137361107
Total Pages : 191 pages
Book Rating : 4.1/5 (373 download)

DOWNLOAD NOW!

Book Synopsis Payday Lending by : Carl Packman

Download or read book Payday Lending written by Carl Packman and published by Springer. This book was released on 2014-09-16 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: Payday Lending looks at the growth of the high cost credit industry from the early payday lending industry in the early 1990s to its development in the US as a highly profitable industry around the world.

Payday Loans and Deposit Advances Products

Author :
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (897 download)

DOWNLOAD NOW!

Book Synopsis Payday Loans and Deposit Advances Products by :

Download or read book Payday Loans and Deposit Advances Products written by and published by . This book was released on 2013 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past year, the Consumer Financial Protection Bureau (CFPB) has engaged in an in depth review of short term small dollar loans, specifically payday loans extended by non depository institutions and deposit advance products offered by a small, but growing number of depository institution to their deposit account customers. This review began with a field hearing held in Birmingham, Alabama in January 2012. At that event, CFPB Director Richard Cordray noted that "the purpose of th[e] field hearing, and the purpose of all our research an analysis and outreach on these issues, is to help us figure out how to determine the right approach to protect consumers and ensure that they have access to a small loan market that is fair, transparent, and competitive." Director Cordray went on to state that "[t] hrough forums like this and through our supervision program, we will systematically gather data to get a complete picture of the payday market and its impact on consumers," including how consumers "are affected by long term use of these products."--Introduction.

Consumer Credit and the American Economy

Author : Thomas A. Durkin
Publisher :
ISBN 13 : 0195169921
Total Pages : 737 pages
Book Rating : 4.1/5 (951 download)

DOWNLOAD NOW!

Book Synopsis Consumer Credit and the American Economy by : Thomas A. Durkin

Download or read book Consumer Credit and the American Economy written by Thomas A. Durkin and published by . This book was released on 2014 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.

How the Other Half Banks

Author : Mehrsa Baradaran
Publisher : Harvard University Press
ISBN 13 : 0674495446
Total Pages : 337 pages
Book Rating : 4.6/5 (744 download)

DOWNLOAD NOW!

Book Synopsis How the Other Half Banks by : Mehrsa Baradaran

Download or read book How the Other Half Banks written by Mehrsa Baradaran and published by Harvard University Press. This book was released on 2015-10-06 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States has two separate banking systems today—one serving the well-to-do and another exploiting everyone else. How the Other Half Banks contributes to the growing conversation on American inequality by highlighting one of its prime causes: unequal credit. Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities—all thanks to deregulation that began in the 1970s and continues decades later. “Baradaran argues persuasively that the banking industry, fattened on public subsidies (including too-big-to-fail bailouts), owes low-income families a better deal...How the Other Half Banks is well researched and clearly written...The bankers who fully understand the system are heavily invested in it. Books like this are written for the rest of us.” —Nancy Folbre, New York Times Book Review “How the Other Half Banks tells an important story, one in which we have allowed the profit motives of banks to trump the public interest.” —Lisa J. Servon, American Prospect

Loan Sharks

Author : Charles R. Geisst
Publisher : Brookings Institution Press
ISBN 13 : 0815729014
Total Pages : 275 pages
Book Rating : 4.8/5 (157 download)

DOWNLOAD NOW!

Book Synopsis Loan Sharks by : Charles R. Geisst

Download or read book Loan Sharks written by Charles R. Geisst and published by Brookings Institution Press. This book was released on 2017-04-04 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Predatory lending: A problem rooted in the past that continues today. Looking for an investment return that could exceed 500 percent annually; maybe even twice that much? Private, unregulated lending to high-risk borrowers is the answer, or at least it was in the United States for much of the period from the Civil War to the onset of the early decades of the twentieth century. Newspapers called the practice “loan sharking” because lenders employed the same ruthlessness as the great predators in the ocean. Slowly state and federal governments adopted laws and regulations curtailing the practice, but organized crime continued to operate much of the business. In the end, lending to high-margin investors contributed directly to the Wall Street crash of 1929. Loan Sharks is the first history of predatory lending in the United States. It traces the origins of modern consumer lending to such older practices as salary buying and hidden interest charges. Yet, as Geisst shows, no-holds barred loan sharking is not a thing of the past. Many current lending practices employed today by credit card companies, payday lenders, and providers of consumer loans would have been easily recognizable at the end of the nineteenth century. Geisst demonstrates the still prevalent custom of lenders charging high interest rates, especially to risky borrowers, despite attempts to control the practice by individual states. Usury and loan sharking have not disappeared a century and a half after the predatory practices first raised public concern.

Loan Documentation

Author : Alexandra M. Peters
Publisher :
ISBN 13 : 9781888404371
Total Pages : 48 pages
Book Rating : 4.4/5 (43 download)

DOWNLOAD NOW!

Book Synopsis Loan Documentation by : Alexandra M. Peters

Download or read book Loan Documentation written by Alexandra M. Peters and published by . This book was released on 2005 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Unbanking of America

Author : Lisa Servon
Publisher : Houghton Mifflin Harcourt
ISBN 13 : 0544611187
Total Pages : 264 pages
Book Rating : 4.5/5 (446 download)

DOWNLOAD NOW!

Book Synopsis The Unbanking of America by : Lisa Servon

Download or read book The Unbanking of America written by Lisa Servon and published by Houghton Mifflin Harcourt. This book was released on 2017-01-10 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why Americans are fleeing our broken banking system: “Startling and absorbing…Required reading for fans of muckraking authors like Barbara Ehrenreich.”—Publishers Weekly (starred review) What do an undocumented immigrant in the South Bronx, a high-net-worth entrepreneur, and a twentysomething graduate student have in common? All three are victims of our dysfunctional mainstream bank and credit system. Nearly half of all Americans live from paycheck to paycheck, and income volatility has doubled over the past thirty years. Banks, with their high monthly fees and overdraft charges, are gouging their lower- and middle-income customers while serving only the wealthiest Americans. Lisa Servon delivers a stunning indictment of America’s banks, together with eye-opening dispatches from inside a range of banking alternatives that have sprung up to fill the void. She works as a teller at RiteCheck, a check-cashing business in the South Bronx, and as a payday lender in Oakland. She looks closely at the workings of a tanda, an informal lending club. And she delivers engaging, hopeful portraits of the entrepreneurs reacting to the unbanking of America by designing systems to creatively serve those outside the one percent. “Valuable evidence on the fragility of the personal economies of most Americans these days.”—Kirkus Reviews “An intelligent plea for financial justice…[An] excellent book.”—The Christian Science Monitor

Payday Lending

Author : U.s. Government Accountability Office
Publisher :
ISBN 13 : 9781974625475
Total Pages : 60 pages
Book Rating : 4.6/5 (254 download)

DOWNLOAD NOW!

Book Synopsis Payday Lending by : U.s. Government Accountability Office

Download or read book Payday Lending written by U.s. Government Accountability Office and published by . This book was released on 2017-08-17 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In the United States, payday lending is estimated to be a slightly less than $40 billion a year industry. A payday loan is a small-dollar loan that is usually from $100 to $500 and repayable in a short term, usually 2 weeks. Consumers can pay fees of $15-20 for every $100 borrowed. In 2006 the Department of Defense (DOD) reported on predatory lending, including payday lending, and found that these loans impacted military readiness and troop morale. Concerns were raised about payday lending to federal employees in law enforcement and national security positions at four components-Customs and Border Protection (CBP), Immigration and Customs Enforcement (ICE), the Transportation Security Administration (TSA), and the Federal Bureau of Investigation (FBI). GAO examined (1) how these federal law enforcement agencies become aware of employees who are potential security risks due to financial problems, including payday lending, and (2) various alternatives to payday lending. GAO reviewed federal policies and procedures for collecting financial information and reviewed data from and interviewed representatives of the payday loan industry, depository institutions, consumer groups, nonprofits, and trade organizations.GAO makes no recommendations in this report. We provided copies..."