Commentary: The debate on small dollar loan rate regulation is far from settled

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In a commentary, Roslyn Layton, PhD, Senior Vice President of Strand Consult and Visiting Researcher at Aalborg University Copenhagen, writes that the Financial Confidence Survey by CNBC has found that over 70% of Americans are feeling financially stressed. Ms Layton states that New Mexico and Illinois have passed rate cap legislation which are meant to protect consumers from predatory lenders. However, she argues that "(...) rate caps harm the financial well-being of consumers and greatly reduce the availability of emergency credit for those who need it the most." (Summary provided by Infomedia) Sources: The Center Square, 02-06-2023

Period2 Jun 2023

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