Bishop Welby called the most costly loans "usury", saying that curbing them was a "moral" issue.
Many of those victims sought to dismiss the double-damage usury count on various grounds.
Nineteen states prohibit pay-day lending outright, usually as the result of longstanding usury laws.
The group says that taken together, these bank practices amount to usury, or charging predatory interest rates.
Yet even with the tax break, Texarkana, Arkansas, still cannot compete with Texas because of the usury law.
Usury laws restricted the availability of credit to those who needed it most.
Small-time moneylenders that competed with the church, were often denounced for usury.
Often varying by state, usury laws specify the maximum legal interest rate that may be charged for a loan arrangement.
How does one put that kind of money to work without breaking the rule on usury, given how ubiquitous interest is?
As Europe pulled ahead, the usury-banning Islamic world remained mired in poverty.
The alien is protected from the abuse of usury (the charging of interest for charitable aid, as distinguished from modern consumer or business loans).
FORBES: Condoleezza Rice Is Right About Immigration, And the Nostalgists Are Wrong
Japanese consumer finance stocks have had a terrible stretch since the country's Supreme Court ruled in January that lenders were exacting kabarai--usury, that is.
Further, the California usury law is one of the strictest of its kind in the nation, with any annual interest rate exceeding 10% deemed usurious.
Pope Benedict XIV promulgated an encyclical Vix Pervenit: On Usury and Other Dishonest Profit as late as 1745, and it has yet to be formally retracted.
Thus banks, which could previously lend at no more than 1.7 times the benchmark lending rate, will now be free to practise usury as they please.
Originally designed to target loan sharks charging exorbitant interest rates, the use of usury laws have since expanded to encompass a wider variety of transactions.
Since the usury cap was an amendment to the state's constitution, only a statewide referendum or federal legislation, which would override the state's constitution, can abolish it.
But Arkansans soundly rejected usury referendums in 1988 and 1990.
Compare a contractum trinius to a murabaha contract, a structured financial product offered by Islamic banks as a way around the Koran's proscription of riba, or usury.
What it does demand is honesty, fair weights and measures, respect for a borrower's collateral, timely payments of wages, resisting usury, and empathy for those injured by life's misfortunes and charity.
To be sure, from the Bible to Buddhism, most of the world's faiths have issued warnings against usury, and theologians through the ages have debated the line between permissible and excessive interest rates.
We could legislate against usury again, for example.
FORBES: In Our Fear-Based Economy, Fiscal Cliff Talks Obsess Over Income, Ignore Net Worth
After Henry legalized interest in 1545, short-term annual interest rates dropped to between 9% and 10% from 20% to 30% and created a clear distinction between usury as predatory lending and interest as legitimate compensation.
Little South Dakota agreed to get rid of its usury laws, and Citibank, by exploiting a loophole in federal law, set up its card operations there and was able to evade usury laws throughout the nation.
While clawbacks are especially popular in larger Ponzi schemes where investor losses often dwarf available assets, a new tactic has emerged in several recent cases seeking to use criminal and civil usury laws to maximize clawback recoveries.
Banking developed in Florence because of the ingenious development of bills of exchange, first as a way of paying debts without having to transport cash, then as a means of evading the church's usury laws, and finally as a means of extending credit.
There was a great deal of controversy in the Islamic world on this issue as recently as the 1980s, with some prominent Islamic scholars claiming that there was in fact no complete prohibition of interest, only a prohibition of usury, or excessive, unfair interest.
CENTERFORSECURITYPOLICY: Shariah-Compliant Finance as a 'safe haven'?
应用推荐