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- Why Credit Card Regulation Is Broken
- Until recently, regulators routinely looked the other way as credit card issuers ensnared unwitting consumers with huge finance charges and penalties. So how did credit card regulation become so broken? Here's a brief history of the slippery practices of the industry. How...
- Articles 2009-04-15
Additional Resources
- Usury Ceilings, Relationships and Bank Lending Behavior: Evidence From Nineteenth Century New York
- Few pieces of economic regulation are ubiquitous as usury limits. Similarly, few economic principles are as widely accepted as the belief that interference with freely contracted prices leads to market distortions, and many studies of financial markets find that usury limits negatively affect credit availability. This study shows that when...
- White papers 2005-11-01
- US Supreme Court Rules Usury Claim Against National Bank is Exclusively a Federal Law Claim Removable to Federal Court
- The US Supreme Court (the "Supreme Court") held that Section 30 of the National Bank Act (12 USC Sections 85 and 86) provides the exclusive cause of action for usury claims against national banks, and thus a claim brought in a state court against a national bank alleging violation of...
- Research articles 2003-06-05
- Feds put usury limit in legal limbo
- If Arkansas' constitutional restriction on usury wasn't problematic enough, a recent change in the Federal Reserve's monetary policy has left the state without a clear definition of the allowable interest rate that can be charged by non-bank lenders. On Jan. 9, the Fed followed through with an announced plan to...
- Research articles 2003-01-20
- More lenders look to Congress for relief from usury limit
- AMENDMENT 60 TO THE Arkansas Constitution was adopted by voters in November 1982, a matter of days after the Federal Reserve's discount rate dropped below 10 percent for the first time in three years. In the 20 intervening years, the interest rate pendulum has swung from historic highs...
- Research articles 2002-07-15
- Fed rate change puts usury limit in legal Limbo
- IF ARKANSAS' CONSTITUTIONAL restriction on usury wasn't problematic enough, a change last week in the Federal Reserve's monetary policy has left the state without a clear definition of the allowable interest rate that can be charged by non-bank lenders. On Thursday, the Fed followed through with an announced plan...
- Research articles 2003-01-13
- The Lowdown on Business Loans
- The article states that a loan is based on a simple idea. Someone gives money, and the other person promise to pay it back, usually with interest. Since one must pay back the lender whether the business is a fabulous success or a miserable failure, the entire risk of the...
- White papers 2003-01-01
- U.S. Appeals Court Sustains Revocation of Arkansas Usury Law.
- By David Smith, Arkansas Democrat-Gazette, Little Rock Knight Ridder/Tribune Business News By David Smith, Arkansas Democrat-Gazette, Little Rock Knight Ridder/Tribune Business News
- Research articles 2001-10-06
- Nevada: More Than Just Gambling?
- Stockerblog submits: Nevada is more than Las Vegas. Its banking and finance industries are very strong, as is also the construction industry, but there is yet a lot more. Check out the following interesting facts:Nevada is a state without usury limits, which has attracted many credit card companies to...
- External links 2008-08-28
- Advance America Cash Advance Centers Inc Q3 2008 Earnings Call Transcript
- Question-and-Answer SessionOperator Operator Instructions Your first question comes from Dennis Telzrow - Stephens Inc. Dennis Telzrow - Stephens Inc. Ken in Ohio, I think that your company as previously said the initiative does not pass or there is not a no vote that you would close the stores;...
- Earnings calls 2008-10-30
- Cardinal sees abuses in loans to poor nations
- GENOA, Italy -- Loans by the World Bank and the International Monetary Fund, as well as country-to-country loans, are usurious and should be declared illegal, says the archbishop of Genoa. Cardinal Tarsicio Bertone spoke about low-income nations during a November congress entitled, "We Are Still in Debt: Africa Cannot...
- Research articles 2005-12-18
- INTEREST RATES
- BANKING INTEREST RATES Sections within this essay: Background History Interest and Inflation State Usury Laws Additional Resources Background In the world of banking and finance, interest is money that is paid by a borrower to a lender in exchange for the use of the credit. Money held...
- Research articles 2005-10-25
- Indiana Lawmakers Pass Bill to Regulate Payday Lending.
- The News-Sentinel, Fort Wayne, Ind. Knight Ridder/Tribune Business News Mar. 1--FORT WAYNE, Ind.--A proposed law that would specifically regulate Indiana's payday lending industry has passed both the House and Senate and is awaiting the governor's signature. House Bill 1075 was approved by the...
- Research articles 2002-03-01
- Visalia, Calif., Broadcaster Sues CBS, Citing Antitrust Statutes. (Originated from The Fresno Bee, Calif.)
- Jul. 23--Broadcaster Harry Pappas of Visalia has filed a $10 million lawsuit accusing Columbia Pictures Television of violating federal antitrust and racketeering statutes and California usury laws. The suit says Columbia insisted that three Pappas TV stations pay for syndicated series the stations didn't want as...
- Research articles 1993-07-23
- Watchdog Group Takes Issue with Georgia Payday Loan Bill.(Knight Ridder/Tribune Business News)
- Feb. 3--A non profit watchdog group disputes a lawmaker's claim that his bill will protect consumers from payday lenders. The U.S. Public Interest Research Group says the bill weakens usury laws, not strengthens them. State Rep. Robert Reichert, D-Macon, wants to legalize and regulate...
- Research articles 2000-02-04
- Nixon: Payday lenders are circumventing law
- Industry goes to out-of-state banks for financingAfter a March ruling from The Arkansas Supreme Court, it seemed the payday lending industry would be restructured and subject to strict regulation under state usury laws. Fayetteville lawyer David Nixon said that's simply not the case.The payday lending industry is as active as...
- Research articles 2003-07-07
- Merchants of boom.(Merchants of boom)(banking)
- Advising on, financing and investing in buy-outs is a great business. But banks should not be too greedy THE definition of merchant banking has changed many times over the centuries. Jews in medieval Italy, unrestrained by the Catholic ban on usury, advanced money at...
- Research articles 2007-05-19
- Federal usury law for service members: the Talent-Nelson Amendment
- I. INTRODUCTION Imagine a nation currently involved in armed conflicts in two foreign countries. Now picture that nation having to revoke the security clearances of and possibly discharge active members of the armed forces because of their individual financial difficulties that, if not caused by, can be exacerbated by...
- Research articles 2008-03-01
- Senator, Consumer Groups Seek Repeal of '99 Act
- Check Cashers Act Allows Fees That Violate Constitution's Usury Provisions CONSUMER GROUPS AND ADvocates for the poor and elderly are lining up behind a bill that would repeal the Check Cashers Act of 1999, a law they say has had devastating consequences for the disadvantaged. The act, approved...
- Research articles 2000-12-25
- Ideological conundrum
- IDEOLOGY CAN TIE YOU UP IN knots, don't you know? You think of yourself as a true believer in free markets, but what about those Vietnamese catfish? Or those Mexican truck drivers? Or that Canadian lumber? Does your neighbor's job take precedence over ideology? You are a conservative who...
- Research articles 2004-06-28
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