Richard Squire was mentioned by the American Banker for a study he co-authored on a New York appeals court decision that drastically limited the amount of credit available for riskier borrowers.
The study, which Jackson wrote with Columbia business professor Colleen Honigsberg and Fordham law professor Richard Squire, concludes that the decision by the Second Circuit Court of Appeals in New York “significantly” impaired the availability of credit from marketplace lenders for riskier borrowers, those with FICO scores below 625. The ruling said a bank’s ability to charge rates above state usury limits did not extend to debt buyers, but the case is seen as harming marketplace lenders that have thus far steered clear of state-by-state usury laws. (The Supreme Court is weighing whether to hear the case.)
