Borrow Now, Complain Later: Payday Lending Laws and Spillovers Across Consumer Finance

Xiaonan (Flora) Ma, Raluca Roman and Aditi Routh

No 26-14, Research Working Paper from Federal Reserve Bank of Kansas City

Abstract: Prohibiting payday lending can reduce complaints to the Consumer Financial Protection Bureau by 90 percent.

Keywords: Payday lending; Consumer Financial Protection Bureau; CFPB; Consumer financial regulation; Consumer complaints; Complaint resolution; Financial spillovers; Cross-market spillovers; Debt collection; credit reporting; Household finance; banking market structure (search for similar items in EconPapers)
JEL-codes: D14 D18 G21 G28 G51 K23 (search for similar items in EconPapers)
Pages: 78
Date: 2026-10-13
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedkrw:103924

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DOI: 10.18651/RWP2026-14

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