Tom Miller, a professor and Jack R. Lee Chair in Financial Institutions and Consumer Finance at Mississippi State University and Todd Zywicki, a University Foundation Professor of Law at George Mason University Antonin Scalia School of Law published a must-read piece in Real Clear Policy yesterday.
The piece, entitled The Wrong Kicks on Route 66 outlines the pairs’ reaction to the “Veterans and Consumers Fair Credit Act, which you can read more about here and here.
The two scholars argue that a 36 percent interest rate cap is not a “speed bump on small dollar loans,” as many supporters argue, but is instead “an abrupt ‘pavement ends’ sign for millions of Americans.”
“A primary function of credit is to smooth consumption. More than a third of households making under $50,000 experience month-to-month spikes and dips in their income,” Miller and Zywicki argue in the piece. “Small-dollar credit products help them deal with unforeseen expenses. The choice for these consumers is between using small-dollar credit products and simply going without.”
Read the entire piece at Real Clear Policy or at the Cato Institute blog, where both serve as adjunct Scholars at the Cato Institute’s Center of Monetary and Financial Inclusion.
The Wrong Kicks on Route 66
Jan 10, 2020
Tom Miller, a professor and Jack R. Lee Chair in Financial Institutions and Consumer Finance at Mississippi State University and Todd Zywicki, a University Foundation Professor of Law at George Mason University Antonin Scalia School of … Read the rest
2019 Review/2020 Preview from the State Capitols
Jan 10, 2020
On January 6, AFSA’s State Government Affairs department published its 2020 State Legislative Preview and 2019 Review white paper. Published monthly, AFSA’s state white papers typically provide a snapshot in time covering… Read the rest
RELEASE | AFSA Welcomes CFPB Taskforce Appointments
Jan 09, 2020
WASHINGTON, DC (January, 9 2020) – The Consumer Financial Protection Bureau today announced the makeup of its Taskforce on Federal Consumer Financial Law, which will examine the legal and regulatory environment facing consumers… Read the rest
Looking Back at AFSA’s Success in 2019
Jan 09, 2020
AFSA’s federal government affairs team continued to be highly effective in advocating for the protection of consumer credit and choice in 2019. Below are just a few of the 2019 federal successes.
Rate Caps: Prevented legislation extending… Read the rest
LISTEN | Frank Salinger on the AFSA Extra Credit Podcast
Jan 09, 2020
In this episode of the AFSA Extra Credit Podcast, we’re speaking with Frank Salinger, a longtime consultant for and former staff member of AFSA. Frank really needs no introduction – he’s been an integral part of protecting… Read the rest
An Open Letter to Their Highnesses the Duke & Duchess of Sussex
Jan 09, 2020
TRH Duke & Duchess of Sussex:
Starting a new, exciting chapter in one’s life can be fraught with challenges for anyone, especially when they are seeking to establish financial stability and independence. How to open up a checking
DoD’s MLA Rulemaking Should be Fact-based
Jan 08, 2020
Recently, the Department of Defense (DoD) sent a response to 23 Members of Congress who sent a bipartisan letter urging the repeal of Question and Answer #2 of the December 2017 Military Lending Act (MLA) interpretive guidance. In its letter,… Read the rest
Registration is Open for the Independents Conference & Expo!
Jan 08, 2020
 Stan Butler AFSA Independents Section Chairman President & CEO Heights Finance |
Don’t wait for nature to bring the warm weather to you – join us April 28- 30 in Palm Springs, California for the 2020 AFSA Independents Conference |
Electrification, autonomous and rideshare – oh my!
Jan 07, 2020
How are the changing automotive and financial ecosystems transforming auto finance today and in the future?
Join us at the 2020 AFSA Vehicle Finance Conference & Expo as we discuss the impact of vehicle technology, digitization … Read the rest
NBCSL Ratifies Resolution on “Debt Settlement” Companies
Jan 06, 2020
The National Black Caucus of State Legislators (NBCSL) recently ratified a resolution calling on state policymakers to put in place and enforce fundamental consumer protection rules on “debt settlement companies.” You can… Read the rest