Wherry Writes in New York Times on Payday Loans

Department News
October 30, 2015

Professor Frederick Wherry discusses the problem of payday loans and banking regulations in an op-ed in the New York Times published yesterday. He argues that banks should be brought into the system of providing small, short-term loans to compete with predatory lenders, saying “most people who use fringe financial services actually are bank customers, and we should be devising ways for them to stay in the banking system rather than creating the risk that they might fall out. Banking services should be geared to their needs, and regulations should not render large groups of middle- to low-income customers as ‘too small to help.’” Read more