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Payday Lending: Realities and Challenges
November 14, 2008
Austin, Texas
Sponsored by Federal Reserve Bank of Dallas and IC2 Institute at The University of Texas at Austin
The $59 billion payday lending industry is growing rapidly as a source of short-term consumer credit. Nineteen million U.S. consumers visit 24,000 payday lending outlets each year. This conference examined payday lending in America and its financial ramifications. Do payday lenders aid borrowers who need quick and convenient access to cash? Or do they entrap consumers by charging excessive rates and fees?
This one-day conference explored the dynamics of payday lending, from the economic and public policy framework to the evolving options for consumer credit. Nationally known experts discussed this complex topic from municipal, state, and national perspectives. Bankers, academics, students, policy makers, and community and economic development professionals who were interested in learning more about the emerging trends in the alternative financial services industry were invited to attend.
When:
- Friday, November 14, 2008
8:45 a.m. – 3 p.m.
Where:
- Etter-Harbin Alumni Center
University of Texas at Austin
2110 San Jacinto Boulevard
Austin, Texas 78712
Agenda
| 8:45 a.m. |
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Registration and Continental Breakfast |
| 9:30 a.m. |
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Welcome |
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Alfreda B. Norman
Assistant Vice President and Community Affairs Officer
Federal Reserve Bank of Dallas |
| 9:45 a.m. |
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The Economics of Payday Lending |
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The Economics and Regulation of Payday Lending
Michael Stegman
Director of Policy, Program on Human and Community Development
John D. and Catherine T. MacArthur Foundation
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| 10:15 a.m. |
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Demand and Supply: Consumer and Industry Perspectives
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Short-Term Credit and Payday Loans:Â A Look at Low-Income Texas Consumers
Ann Baddour
Senior Policy Analyst
Texas Appleseed
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Supply and Demand for Short-term Loan Services: The Industry’s Perspective
Scott Sheehan
Attorney
Greenberg Traurig, LLP
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| 11:05 a.m. |
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The Public Policy Framework
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Uriah King
Policy Associate
Center for Responsible Lending |
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Payday Lending In Texas: Bucking the Trend
Don Baylor
Senior Policy Analyst
Center for Public Policy Priorities, Austin
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Payday Lending: Realities and Challenges
Tommy Moore
Executive Vice President
Community Financial Services Association of America
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| 12:10 p.m. |
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Luncheon Keynote Address:
San Francisco's Policies and Programs to Increase Access to Financial Services |
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José Cisneros
Treasurer
City and County of San Francisco |
| 1:15 p.m. |
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Altering Consumer Options
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Small Dollar Loan Pilot
Andrew Stirling
Small Dollar Loan Program Manager
Federal Deposit Insurance Corporation
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John Monaco
Mayor
City of Mesquite, Texas |
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Winners and Losers after Payday Credit Bans
Donald Morgan
Research Officer
Federal Reserve Bank of New York |
| 2:20 p.m. |
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The Future of Payday Lending and Banking Innovation
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John Caskey
Professor of Economics
Swarthmore College
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| 2:45 p.m. |
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Concluding Remarks
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John Sibley Butler
Institute Director
IC2 Institute |
| 3:00 p.m. |
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Adjourn |
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