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The July, 1953, issue of the Federal Reserve Bulletin noted, with no explicit reference to its goodness or badness, that consumer installment credit had increased nearly five billion dollars, or 31 per cent, in the preceding year. The Bulletin also recorded that the ratio of consumer installment credit had climbed in the past year from 6.6 to 8.i per cent of consumer disposable income, and realched the highest level in the country's financial history. The Comptroller of the Currency, in his annual report on national banks, released in August of 1953, said that some national banks have liberalized personal loan policies "beyond the point of prudence." Loan sharkery was not mentioned by either authority, and it is not suggested that they have any primary responsibility to protect necessitous borrowers. It is yet true that many of the transactions included in the Federal Reserve Board's statistics would not survive a factual test for usury, nor do the statistics include the figures of the out-and-out loan shark business as it persists in many states today. Nevertheless the clear and present danger exists, and the problems should be delineated. Mass financing is a concomitant of mass production and mass distribution, and protection to borrowers has not kept pace with the ever-rising use of consumer credit.

The Future of the Loan Shark and Consumer Credit Agencies