Pawn Shops Boom as Consumer Retail Banking Retreats | The Volokh ConspiracyThe Volokh Conspiracy.
Here’s the New York Times article as it’s not linked in the Volokh post. Platinum Card and Text Alert, via Pawnshop
The Huffington Post, commenting on the NYT article, concludes…
So, five years after the failure of Lehman Brothers, the mega banks have rebounded, community banks that serve vulnerable niches of American consumers, and which played no role in causing the Financial Crisis, are failing, and non-traditional lenders are expanding. This is clearly not the outcome that the authors of Dodd-Frank intended. We need to fundamentally rethink our approach to financial services regulation and reverse the tide of community bank failures and mergers, a completely unintended consequence of Dodd-Frank. If we can’t (or don’t), then traditional credit and banking services will be eliminated or become more expensive for small businesses, those living in rural communities, and millions of American consumers and businesses that are challenging or less profitable for large banks to serve.
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