The Impact of Public Policy on Consumer Credit

by Durkin, Thomas A.; Staten, Michael E.

• ISBN13: 9780792374183
• ISBN10: 0792374185
• Format: Hardcover
• Copyright: 2002-01-01
• Publisher: Kluwer Academic Pub

Summary

The Impact of Public Policy on Consumer Credit presents a collection of research papers and discussions commissioned to commemorate the silver anniversary of Georgetown University's Credit Research Center in 1999. Nine topics serve as focal points for the volume, with the general theme 'What do we know, what do we need to know?' about the functioning of consumer credit markets at the beginning of the 21st century. Because the growth of household debt and the consequences of household debt burden have dominated discussion in both the media and policy arenas for decades, 'Credit Growth and the Burden of Debt' is the theme for the first group of three papers. The papers address the cultural evolution of consumer credit in the U.S., the rise in consumer indebtedness and the alarming surge in personal bankruptcies. A second grouping of three papers takes a distinctly policy-oriented tack and examines questions regarding consumer access to credit (mortgage markets and evidence of discrimination), consumer protection through mandatory disclosure of information (Truth-in-Lending regulations), and the general state of financial literacy among the population of young consumers entering credit markets for the first time. The final three papers in this volume examine how technological innovations in risk management (through statistical risk scoring models), marketing (through use of personal information for targeted marketing) and finance (through securitization of consumer loans) have impacted the availability of credit products and sparked new public policy questions.

Table of Contents

Preface	ix
Introduction
Authors: Thomas A. Durkin and Michael E. Staten	1	(22)
The Evolution of Consumer Credit in the United States
Author: Lendol Calder	23	(12)
Discussants: Griffith L. Garwood	35	(8)
Thomas A. Durkin	36	(7)
The Growth of Consumer Credit and the Household Debt Service Burden
Author: Dean M. Maki	43	(20)
Discussants: Richard Curtin	63	(6)
William Hampel	66	(3)
Personal Bankruptcies
Author: Charles A. Luckett	69	(34)
Discussants: Durant Abernethy	103	(6)
Martha Starr-McCluer	107	(2)
Disclosure as a Consumer Protection
Authors: Thomas A. Durkin and Gregory Elliehausen	109	(34)
Discussants: Ralph Rohner	143	(6)
Joan Warrington	145	(4)
Financial Literacy in the U.S. and Efforts toward Credit Education
Author: Lewis Mandell	149	(12)
Discussants: Andrea Stowers	161	(10)
Kathleen McNally	166	(5)
Trends in Equal Access to Credit Products
Author: Raphael W. Bostic	171	(32)
Discussants: Anthony Yezer	203	(6)
Peter Zorn	206	(3)
The Impact of Credit Scoring and Automated Underwriting on Credit Availability
Author: Peter L. McCorkell	209	(11)
Discussants: Barry Connelly	220	(9)
Robert Eisenbeis	223	(6)
Privacy, Consumer Credit, and the Regulation of Personal Information
Author: Fred H. Cate	229	(47)
Discussants: Martin Abrams	276	(11)
L. Richard Fischer	280	(7)
Consumer Loan Securitization
Author: Kathleen W. Johnson	287	(20)
Discussants: James Barth	307	(8)
David Walker	312	(3)
Appendix 1: Contributors' Biographies	315	(14)
Appendix 2: Credit Research Center Publications, 1974-1999	329