Richmond's Lacker on retail financial innovation

In the speech 'Retail financial innovation' given on 14 June, Jeffrey Lacker of the Federal Reserve Bank of Richmond said calls for tighter rules on consumer lending are an inevitable companion to the dramatic rise in the availability of credit but must be applied with care.

"While some policies that carefully target truly abusive practicies are warranted, the broader risk is of a regulatory overreaction that stifles much of the benefit of the technology-driven expansion in consumer credit,"

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