Tom Miller


Tom Miller, Jr. is a Senior Research Fellow at Consumers’ Research. He is a Professor of Finance and inaugural holder of the Jack R. Lee Chair in Financial Institutions and Consumer Finance at Mississippi State University. With its focus on Consumer Finance, notably installment credit products, the Lee Chair is the first of its kind. He currently serves as a member of the Academic Research Council at the Consumer Financial Protection Bureau.

Professor Miller has several ongoing research projects on various topics in small-dollar loans. His current research now includes projects on payday loans and on small-dollar installment loans.

Miller is a frequent speaker at national conferences and conventions. His overall topics generally focus on the value to consumers of maintaining access to small-dollar credit products, the value of competition in small-dollar credit products, and educating policymakers about how small-dollar credit products work.

Miller has had, and maintains, a long-standing interest in derivative securities and investments. He has published numerous scholarly peer-reviewed articles on various topics in derivative securities. In addition, he is the author of How Do Small-Dollar Nonbank Loans Work? and co-author (with Bradford D. Jordan and Steve Dolvin) of Fundamentals of Investments: Valuation and Management, 9th ed. (McGraw-Hill/Irwin). He is also co-author (with David Dubofsky) of Derivatives: Valuation and Risk Management (Oxford University Press).

Miller received his Ph.D. in finance from the University of Washington (Seattle) and his Bachelor’s and Master’s degrees in applied economics from Montana State University. In his off hours, he enjoys playing jazz and blues on the tenor saxophone.

Latest from Tom Miller

The CFPB’s Approach to Regulating Payday Lending: A Discussion with Todd J. Zywicki and Thomas 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 determine whether the number of loans a consumer takes in a year is a meaningful assessment of consumer welfare.

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The CFPB’s Arbitrary Attacks on Payday Loans

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 fees, Mr. Chopra is moving aggressively.

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Student-Athletes Deserve 10-Year Scholarships

On June 21, the Supreme Court ruled that the National Collegiate Athletic Association’s strict limits on compensation for student-athletes violated antitrust law. The door is now open for college athletes to license their names, images and likenesses.

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Will Biden’s CFPB Nominee Run a Research-Focused Agency?

Why is the Senate allowing the Consumer Financial Protection Bureau (CFPB) to drift away from Senator Elizabeth Warren’s original vision of a data-driven agency “with research at the core of all of its work?” Prudent regulators should not make policy based on mere beliefs, or on the findings of one or two studies. 

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