With the farm boom ending in 2009, many farmers have become less able to repay short-term loans. As farm profit margins erode and farm loan delinquencies rise, some in the agricultural industry worry that lending standards will tighten-as they did in the farm debt crisis of the 1980s. One barometer of future agricultural credit conditions is agricultural bankers. Experience and access to information give these bankers a unique perspective on agricultural credit conditions. In fact, several Federal Reserve banks survey agricultural bankers in their district to tap this source of information. But how reliable are regional Federal Reserve agricultural credit surveys? And can a regional survey shed light on future loan delinquencies and credit standards nationwide? Briggeman examines the Fe...
[Sibongile] ended up using her family's savings, along with her mother's and aunt's retirement funds, to finance the first deal: leasing a plane from the Russian Federation. "I remember waiting for days at the airport for the plane to arrive, panicking that after paying so much money and risking people's savings it may not arrive." But all went well in the end, and Sibongile's business took off.1 Before the new law took effect in Cambodia, business owners could use only immovable property as collateral. With little land under private ownership, getting a loan was an unreachable dream for most small to medium-size businesses. The new law changed that. Cambodian entrepreneurs can now use a broad range of movable assets to secure a loan. That includes revolving assets such as inventory and...
An accused receives credit for all pretrial confinement served in a military facility.11 An accused will receive credit if he is illegally punished before trial in violation of Article 13, UCMJ.12 The accused receives sentencing credit for restriction that is deemed tantamount to confinement.13 He receives credit for any nonjudicial punishment served for the same offense he is convicted of at courtmartial. 14 An accused will be credited if the government violates Rule for Court-Martial (RCM) 305 procedures.15 However, if an accused serves pretrial restriction that does not amount to confinement or punishment, he does not currently receive any recognized sentencing credit. The 1969 Manual for Courts-Martial (MCM) included a chart that listed equivalent punishments.18 In this chart, one ...
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of the Board of Governors of the Federal Reserve System's (Board's) rulemaking authority for the Equal Credit Opportunity Act (ECOA) to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation B (Equal Credit Opportunity). This ...
What role did mortgage marketing practices play in the U.S. credit crisis? Was it the result of greedy lenders, deceptive loan originators, creators of mortgage-backed securities, and complacent investors? Or were consumers complicit with lenders in a market bubble fed by easy credit and a laissez-faire government? Critics claim that many contracts for loans at risk of default were the result of unscrupulous lending practices. Greedy lenders preyed on unsophisticated and vulnerable borrowers. Aggressive lenders steered creditworthy borrowers into profitable but risky subprime loans. Lenders (and borrowers) committed fraud. The U.S. government failed to protect borrowers and encouraged loose lending standards. As a result, loose lending standards destabilized the housing market. Industry...
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of certain rulemaking authority for the Fair Credit Reporting Act (FCRA) from the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Federal Trade Commission, National Credit Union Administration, Office of the Comptroller of the Currency, a...
Credit card borrowers can have balances on the same card at several different rates at once. By choosing a favorable method of allocating payments to balances, issuers can substantially raise the interest rates paid by borrowers. The impact of this policy on risk-based pricing is examined using computer-simulated accounts. It is found that the prevailing policy used by issuers causes inverse risk-based pricing. In addition, a survey shows that few credit card users understand the impact of payment allocation. The impact of recent legislation on payment allocation policy is also examined.
This paper examines a tractable real business cycle model with idiosyncratic productivity shocks and binding credit constraints on entrepreneurs. The model shows how firm volatility increases in combination with credit market development. It further generates the observed comovement of credit and firm volatility with output at business cycle frequencies in response to aggregate productivity shocks.
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