Title Page, Copyright, Dedication

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Contents

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p. vii

List of Tables and Figures

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pp. ix-x

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Preface and Acknowledgments

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pp. xi-xiv

Many people have questioned the genesis of my interest in pawnshops and check-cashing outlets, since my major professional focus has been on banks and monetary economics. Several years ago, my curiosity about pawnshops...

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Why Study Fringe Banks?

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pp. 1-4

The United States financial system is undergoing a transformation. Many of the changes-the erosion of regulatory barriers between banks and securities firms or the rise in interstate banking- have been widely...

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1. Four Themes

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pp. 5-11

The following chapters investigate in depth how pawnshops and CCOs function, who uses these institutions, and for what reasons. They also discuss the factors behind the recent rapid growth in fringe banking and examine the case for regulating...

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2. A Brief History of Pawnbroking and Commercial Check Cashing

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pp. 12-35

A pawnshop loan is a relatively simple transaction: the broker makes a fixed term loan to a consumer who leaves collateral in the possession of the broker. If the customer repays the loan and all required fees, the broker returns the collateral...

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3. Contemporary Fringe Banking

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pp. 36-67

From 1930 through the mid-1970s, the pawnbroking industry contracted. Over this same period, the check-cashing industry grew, but remained largely confined to Chicago, New York City, and a small number of other urban...

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4. Who Uses Fringe Banks and Why?

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pp. 68-83

Borrowing from a pawnshop is much more expensive than borrowing from a bank, finance company, or drawing on the line of credit provided with a bank credit card. It is also generally less convenient because...

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5. Explaining the Boom in Fringe Banking

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pp. 84-110

The boom in pawnshops and check-cashing outlets began in the late 1970s and gathered momentum in the 1980s. I believe that one of the more important factors contributing to this growth was a marked increase...

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6. Regulating Fringe Banks

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pp. 111-127

Pawnshop loans and CCO payment services are far more expensive than are credit or payment services from mainstream financial institutions. Yet millions of low- and moderate-income households rely on these...

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7. Policies To Make Deposit Accounts More Accessible

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pp. 128-138

Recognizing that a significant and growing number of households depend on pawnshops and check-cashing outlets for basic financial services, the previous chapter proposed some regulatory measures to protect fringe banking customers...

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Concluding Comments

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pp. 139-150

Over the 1980s, the number of pawnshops and check-cashing outlets nationwide more than doubled. In the first section of this chapter, I argue that this growth is likely to continue into the 1990s, albeit at a slower...

Bibliography

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pp. 151-156

Index

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pp. 157-165