Payday Loans and Deposit Advance Products: A White Paper of Initial Data Findings

During the past year, the Consumer Financial Protection Bureau (CFPB) has engaged in an indepth review of short-term small dollar loans, specifically payday loans extended by nondepository 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.Both at the field hearing and in response to a subsequent request for information, the CFPB heard from consumers who use these products.On one hand, some consumers provided favorable responses about the speed at which these loans are given,the availability of these loans for some consumers who may not qualify for other credit products, and consumers' ability to use these loans as a way to avoid overdrawing a deposit account or paying a bill late.On the other hand, consumers raised concerns such as the risk of being unable to repay the loan while still having enough money left over for other expenses,the high cost of the loan, and aggressive debt collection practices in the case of delinquency or default.These discussions and submissions underscore the importance of undertaking a data-driven analysis of the use of these products and the longer-term outcomes that borrowers experience. Because Congress authorized the CFPB to supervise both depository and non-depository institutions, over the past year we have been able to obtain data from a number of market participants that offer either deposit advance products or payday loans.This white paper summarizes the initial findings of the CFPB's analysis of payday loans and deposit advances. It describes the features of typical payday loan and deposit advance products. The paper then presents initial findings using supervisory data the CFPB has obtained from a number of institutions that provide these products

Money, credit and velocity

Money ; Credit ; Velocity of money

Two Essays on Demographic Change and the Australian Economy

Environmental efficiency, environmental regulation, the Chinese economy.

Revolution and the end of history: Caryl Churchill's Mad Forest

Caryl Churchill’s Mad Forest, written and performed very soon after the Romanian revolution in 1990 and performed both in London and Bucharest, is a dynamic, inter-cultural play that represents a variety of perspectives on the revolutionary events, as well as oscillating between English and Romanian cultural and language coordinates. It has a peculiar topicality in its detailed and specific usages of different aspects of the revolutionary narrative, its sketches of family life before and after the revolution, and the inclusion of the revolution as reported in quasi-documentary-style testimony. The perspective in this article is one that places the play within a framework that thinks through Mad Forest’s relationship to the triumphant, neoliberalist heralding of “the end of history,” most famously argued by Francis Fukuyama in his 1989 article of that name. This discourse gained further confidence from the collapse of Eastern Europe, a collapse that was viewed by proponents of the end-of-history argument as signalling the permanent disintegration of communism and a victory for capitalism. However, Mad Forest is considered here as a play that reflects multiple perspectives on the revolutionary period and, while declining to provide political solutions as such, simultaneously refuses to accede to the implications of the end-of-history argument

Credit risk and Basel II: Are non-profit firms financially different?

We estimate a model of credit risk for portfolios of Small and Medium-sized enterprises, conditional on being a non-profit or for-profit firms. The estimation is based on a unique dataset on Italian firms provided by a large commercial bank. We show that the main variables to identify creditworthiness are different for non-profit andcrucial for non-profit firms. Classification-JEL: G21, G28SME finance; Basel II; Retail banking; Non-profit

The ISCIP Analyst, Volume XV, Issue 12

This repository item contains a single issue of The ISCIP Analyst, an analytical review journal published from 1996 to 2010 by the Boston University Institute for the Study of Conflict, Ideology, and Policy