Consumer Credit Symposium: A Century of Experience with the Uniform Small Loan Law

Summary

Join academics, policymakers, and industry representatives in Starkville, MS to discuss the history of the emergence of the USLL, current regulation of consumer credit, and the role that academic research can play in future consumer credit regulation.

Dec 09, 2016
8:30am8:30pm
The Mill Conference Center, Mississippi State University, 600 Russell Street, Starkville, MS 39759

Event Speakers

Brian Knight

Director of Innovation and Governance

Thomas W. Miller, Jr.

Senior Affiliated Scholar

Todd Zywicki

Senior Fellow, F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics

Mehrsa Baradaran

J. Alton Hosch Associate Professor of Law, University of Georgia School of Law

Mark Calabria

Director of Financial Regulation Studies, Cato Institute

Lendol Calder

Professor in History, Augustana College

Charlotte Corley

Commissioner, Mississippi Department of Banking and Consumer Finance

Thomas A. Durkin

Former Senior Economist at the Federal Reserve Board

Gregory Elliehausen

Principal Economist, Federal Reserve Board

Bill Himpler

Executive Vice President, American Financial Services Association

Alex Horowitz

Senior Research Officer, The Pew Charitable Trusts

Hilary Miller

Chairman of the Board, Consumer Credit Research Foundation

Martha Olney

Adjunct Professor of Economics, University of California, Berkeley

Janis Pappalardo

Assistant Director for Consumer Protection, Federal Trade Commission

The Hon. Tate Reeves

Lieutenant Governor of Mississippi

100 years ago, the Uniform Small Loan Law (USLL) emerged as a collaborative proposal between progressive reformers and capitalists to provide a free market alternative to illegal lenders who flourished at the time. These reformers designed the model law to encourage non-bank lenders to provide credit at profitable rates and thus ensure access to legal credit for borrowers in need. To this day, the USLL’s influence on consumer credit regulation can still be felt in the persistence of 36% interest rate caps.   

What lessons have we learned since the passage of the 1916 Uniform Small Loan Law on the effects of consumer credit? How can we reform current policies that are well-intentioned but end up harming many low-income individuals?

The Mercatus Center at George Mason University, the Department of Finance and Economics at Mississippi State University, The Jack R. Lee Chair, and the Institute for Market Studies invite you to a symposium to consider the intervening century of experience with traditional installment loans and other non-bank supplied small dollar loan products available today. 

Agenda:

8:00 a.m. - 9:15 a.m.   Registration and Breakfast

9:15 a.m. - 9:30 a.m.   Welcoming Remarks

9:30 a.m. - 10:45 a.m.   Panel I - Looking Back

  • Thomas Durkin, Senior Economist, Federal Reserve Board (Retired)
  • Gregory Elliehausen, Principal Economist, Federal Reserve Board
  • Martha Olney, Adjunct Professor of Economics, University of California, Berkeley

Moderator: Thomas W. Miller, Jr., Professor of Finance and Jack R. Lee Chair in Financial Institutions and Consumer Finance, Mississippi State University

11:00 a.m. - 12:15 p.m.   Panel II - Present State of Regulatory Affairs

  • Charlotte Corley, Commissioner, Mississippi Department of Banking and Consumer Finance
  • Bill Himpler, Executive Vice President, American Financial Services Association
  • Hilary Miller, Chairman of the Board, Consumer Credit Research Foundation
  • Janis Pappalardo, Assistant Director for Consumer Protection, Federal Trade Commission

Moderator: Claudia Williamson, Associate Professor of Economics and Co-Director of the Institute for Market Studies, Mississippi State University

12:30 p.m. - 1:45 p.m.   Lunch Session - Keynote: Lieutenant Governor Tate Reeves

2:00 p.m. - 3:15 p.m.   Panel III - A Glimpse into the Future

  • Mehrsa Baradaran, J. Alton Hosch Associate Professor of Law, University of Georgia School of Law
  • Mark Calabria, Director of Financial Regulation Studies, Cato Institute
  • Alex Horowitz, Senior Research Officer, The Pew Charitable Trusts

Moderator: Ben Klutsey, Program Manager, Mercatus Center at George Mason University

3:30 p.m. - 4:45 p.m.   Panel IV - Papers on the Past, Present, or Future of Consumer Credit Regulation

  • Brian Knight, Senior Research Fellow, Mercatus Center at George Mason University
  • Thomas W. Miller, Jr., Professor of Finance and Jack R. Lee Chair in Financial Institutions and Consumer Finance, Mississippi State University
  • Todd Zywicki, George Mason University Foundation Professor of Law and Executive Director of the Law & Economics Center, Antonin Scalia Law School

Moderator: Brandon Cline, BancorpSouth Professor of Finance and Co-Director of the Institute for Market Studies, Mississippi State University

5:30 p.m. - 8:00 p.m.   Dinner Session - Keynote Talk on the History of Consumer Credit

  • Lendol Calder, Professor of History, Augustana College, and author of Financing the American Dream: A Cultural History of Consumer Credit