by Christian Whittle | Feb 16, 2023 | Recent News - Tom Miller
Economic theory predicts that a binding interest-rate cap decreases credit availability for high-risk borrowers. On March 23, 2021, Illinois imposed an all-in interest-rate cap of 36 percent per annum for loans under $40,000 from non-bank and non-credit-union lenders....
by Christian Whittle | Feb 16, 2023 | Recent News - Tom Miller
Using data for the last quarter of 2020 and first three quarters of 2021, the study examined the effects of the 36% rate cap imposed by the Illinois Predatory Loan Prevention Act which became effective in March 2021. The study found that the cap significantly...
by Editor | Feb 10, 2022 | Recent News - Tom Miller
Profs. Zywicki and Miller have co-authored a soon-to-be published study, “The Effects on Consumers from Two State-Level Regulations of the Payday Loan Market,” in which they analyzed 15.6 million storefront payday loans made to 1.8 million unique borrowers in 2013 to...
by Editor | Jan 31, 2022 | Recent News - Tom Miller
On January 10th, the Georgia Bulldogs won the FBS National Championship over the Alabama Crimson Tide. More than 67,000 paying fans attended, and millions more watched on ESPN. It’s the Big Time. But now what? Last year, the two teams had 14 players drafted in...
by Editor | Jan 2, 2022 | Recent News - Tom Miller
The new director of the Consumer Financial Protection Bureau, Rohit Chopra, has started rattling his interventionist saber only two months after his Senate confirmation. From pushing the Federal Deposit Insurance Corp. to block bank mergers to attacking bank overdraft...
