131,414 research outputs found

    Small Dollar Loans, Big Problems: How States Protect Consumers From Abuses and How the Federal Government Can Help

    Get PDF
    Across America, drivers pass twice as many payday loan storefronts as Starbucks coffee shops.2 In twenty-nine states, there are more payday lender stores than McDonald’s restaurants.3 Numerous research studies warn of the dangers associated with payday loans, including significantly higher rates of bankruptcies, evictions, utility shut-offs, and involuntary bank account closures.4 Many states have recognized the dangers posed by payday and other types of small-dollar loans with predatory features, prompting them to adopt laws to combat the abusive nature of these loans. These laws, however, offer consumers varying degrees of protection. Historically, states have used their police powers to protect consumers from predatory lending. This Article discusses the extent to which each state’s current laws protect consumers from lending abuses associated with four common small-dollar loans: payday loans, auto-title loans, six-month installment loans, and one-year installment loans.5 Specifically, this Article highlights the findings from the 2010 Small Dollar Loan Products Scorecard (Scorecard), which updated the original 2008 Scorecard. 6 Both the 2008 and 2010 Scorecard grade state laws based on the maximum annual percentage rate (APR) they allow for the four typical small-dollar loan products listed above. Since the 2008 Scorecard, there has been significant state legislative activity across the country related to small-dollar loans. Only a handful of states, however, have enacted new measures that adequately protect consumers. This Article provides policy recommendations to guide ongoing reform efforts. The Article highlights three key points. First, states should continue their longstanding good fight on behalf of American families against abusive, small dollar lending, but they need help. Congress and the Consumer Financial Protection Bureau (CFPB), which President Obama established when he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law on July 21, 2010, should join the battle.7 Second, the states and Congress should focus their reform efforts on enacting an across-the-board usury cap of 36% APR on all small-dollar loans. Third, the states, CFPB, and Congress should impose several restrictions on high-cost (over 36% APR), small-dollar lending to help curb its abusive nature. In this Article, Part II describes the methodology used by the 2010 Scorecard. Part III reports the major changes that have occurred in the two years since the Scorecard’s original 2008 publication. Finally, Part IV proposes several policy recommendations, at the state and federal level, with the focus in the latter category on opportunities for action by the newly created CFPB

    Hidden Risks: The Case for Safe and Transparent Checking Accounts

    Get PDF
    Examines bank practices that put consumers at risk, including lack of information on fees, disproportionate overdraft penalties, and mandatory arbitration or fee-sharing provisions in a legal dispute. Includes a model disclosure box and recommendations

    Process as a world transaction

    Get PDF
    Transaction is process closure: for a transaction is the limiting process of process itself. In the process world view the universe is the ultimate (intensional) transaction of all its extensional limiting processes that we call reality. ANPA’s PROGRAM UNIVERSE is a computational model which can be explored empirically in commercial database transactions where there has been a wealth of activity over the real world for the last 40 years. Process category theory demonstrates formally the fundamental distinctions between the classical model of a transaction as in PROGRAM UNIVERSE and physical reality. The paper concludes with a short technical summary for those who do not wish to read all the detail

    Remote processing of firm microdata at the Bank of Italy

    Get PDF
    Providing the possibility to run personalised econometric/statistical analyses on the appropriate data sets by remote processing allows greater flexibility in the production of economic information. Binding confidentiality requirements are required with business survey data. The Bank of Italy's infrastructure allows its business survey data to be exploited, while preserving anonymity of individual data. The system is based on the LISSY platform and has been already adopted by the Luxembourg Income Study (LIS) and other research centres. Firms' privacy is safeguarded by forbidding potentially confidentiality-breaking programme statements and by denying the visualisation of individual data. Data confidentiality is protected by removing key identifiers from the database and by trimming data in the right tail of the distribution. The platform provides its services through plain-text e-mails. The authorised user sends an e-mail containing an identifying header followed by a statistical programme to a predetermined address. The system checks the validity of the header, strips out the code and submits it in a batch to one of the econometric/statistical packages available (SAS and Stata). The outputs are mailed back to the user after passing an array of automatic and manual checks.microdata, confidentiality, remote access

    A BANKING COLLABORATIVE TAGGING SYSTEM

    Get PDF
    The paper presents the collaborative systems classification by field of application. There are described the collaborative tagging systems and an implementation of this kind of systems is analyzed in a commercial bank. The Collaborative Multicash Servicedesk application is presented in order to implement an auto-complete facility.collaborative systems, tagging, auto-complete, banking, application
    • 

    corecore