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NY Fed: Slow Down On Short-Term Lending Reform

NY Fed: Slow Down On Short-Term Lending Reform

A blog posted on the website of the New York Federal Reserve calls for reframing the debate over short-term lending.

The post – written by three academics and the assistant vice president in the Federal Reserve Bank of New York’s Research and Statistics Group – also calls out the Center for Responsible Lending (CRL), one of the staunchest critics of short term lending, as a “nonprofit created by a credit union.” The conflict of interest is stark; the CRL continually blasts short-term lenders with junk research while carrying the water for a credit union, which competes for customers with short-term lenders. The writers even suggest that the goal of the CRL may be the total elimination of the short-term lending industry.

Read the blog post here at NewYorkFed.org.

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