Payday lending

The problem with Financial Literacy Month

04/15/19

Financial education programs have been shown to be largely ineffective. What low-income consumers really need from banks are better products and more tailored advice.

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Moynihan's call for unity, CFPB payday revamp, Morgan Stanley's AI strategy: Top stories of the week

04/05/19

'There is no division in our industry': BofA's Moynihan says; why CFPB's payday revamp is an even bigger deal than you think; Morgan Stanley's new data strategy for higher quality AI; and more from this week's most-read stories.

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Where customers are also lenders: One fintech's payday alternative

04/04/19

To generate revenue, SoLo Funds depends on consumers willing to front funds through its platform.

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A payday lender in disguise? New York investigates the Earnin app

04/03/19

The Earnin app appears designed to look like other early wage access programs, but critics say it’s actually a payday lender and New York regulators have taken notice.

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OCC and FDIC chiefs signal progress on CRA reform

04/03/19

In successive speeches, Joseph Otting and Jelena McWilliams expressed hope for a Community Reinvestment Act rule by early next year, and also said regulators should align their small-dollar lending policies.

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Why CFPB payday revamp is an even bigger deal than you think

03/29/19

The proposed rollback of underwriting requirements for small-dollar lenders could redefine a legal doctrine that governs rules affecting other companies as well.

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California lawmaker considers statewide CFPB

03/27/19

Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.

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Payday lenders get unexpected reprieve from CFPB rule

03/22/19

The bureau had already proposed removing the underwriting portion of the rule, but a judge in Texas has indefinitely delayed the other key component as well.

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CFPB’s Kraninger grilled over payday, military lending

03/12/19

The bureau's director, Kathy Kraninger, faced a barrage of criticism from Senate Democrats on the agency's lack of enforcement actions, a reversal on Military Lending Act examinations and changes to the payday loans rule.

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Bank deposit advances are payday loans in disguise

03/08/19

Recent history shows how dangerous these short-term products can be without appropriate guidelines in place.

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