Graduation Year

2018

Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts

Department

Economics

Reader 1

Nayana Bose

Reader 2

Roberto Pedace

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Rights Information

2018 Hannah J Quackenbush

Abstract

The 2008 financial crisis raised concerns surrounding the validity of federal protection in the consumer financial market and brought increased scrutiny to short term consumer lending programs-including payday loans. In response to the political pressure, President Obama signed the 2010 Dodd-Frank Act into law. Under this Act the Consumer Financial Protection Bureau was created and in 2017 it implemented federal regulations against non-bank payday lenders for the first time. I will discuss the Consumer Financial Protection Bureau’s economic justification for the regulation of payday loans and the implications of new standards of abuse in consumer protection and financial regulation.

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