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Banking on a RevolutionWhy Financial Technology Won't Save a Broken System$
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Terri Friedline

Print publication date: 2021

Print ISBN-13: 9780190944131

Published to Oxford Scholarship Online: December 2020

DOI: 10.1093/oso/9780190944131.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 16 October 2021

Only Sharks in the Tank

Only Sharks in the Tank

(p.93) 5 Only Sharks in the Tank
Banking on a Revolution

Terri Friedline

Oxford University Press

This chapter explores the coordinated relationship between banks and payday lenders by examining the recent attempts of the Consumer Financial Protection Bureau to regulate the payday lenders in Kansas City. While payday lenders and other higher-cost alternative financial services are criticized for their predatory practices, banks often escape a similar level of scrutiny despite their punishing fee structures and risk-based calculations. Both banks and payday lenders have largely escaped federal oversight. The disproportionate harms inflicted by payday lenders on Black and Brown communities are often treated as tolerable, perhaps considered causualties of doing business to dismiss these lenders from the oversight they deserve.

Keywords:   payday lenders, auto title lenders, alternative financial services, consumer financial protection bureau, racism, predatory lenders

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