The Trump administration says it has put a stop to Operation Choke Point, a controversial initiative aimed at discouraging financial institutions from servicing high-risk businesses. ... Read full article
Payday lenders and arbitration supporters are claiming the CFPB has met more often with consumer groups than industry, laying the groundwork for likely lawsuits on key rules. ... Read full article
With the environment in Washington favoring deregulation, banks are pushing regulators to let them back into the payday lending game. They should know better. ... Read full article
Financial regulation is too complex and needs to be retooled to improve access to credit, President Trump’s nominees to two top banking regulators told Capitol Hill on Thursday. ... Read full article
The Consumer Financial Protection Bureau is likely to finalize its small-dollar rule by September ahead of Director Richard Cordray's widely expected departure. ... Read full article
Data showing that California residents 62 and older took out more payday loans than any other age group in the state points to an erosion of retirement security for seniors. ... Read full article
Despite assurances that the Department of Justice crackdown on banks' third-party relationships is ceasing, lawmakers say it is still having an impact. ... Read full article
A judge has approved the inclusion of new payday lenders in a case seeking relief from the effects of Operation Choke Point, and denied defendants' motion for summary judgment against Advance America. ... Read full article
Michael Blume oversaw the controversial effort to crack down on consumer fraud by pressuring banks to cut off certain merchants’ access to the U.S. payment system. ... Read full article
The nonprofit Bank On certifies banks that offer deposit accounts with minimal fees. It is one of many initiatives designed to bring more consumers into mainstream banking. ... Read full article
Banks have not adjusted their business models to accommodate growing numbers of financially precarious Americans. But hard times should not disqualify people from the banking system. ... Read full article
Readers weigh in on a proposal for encouraging small bank installment loans, a firm that uses AI to reduce false alarms, what security improvements are needed for sharing customer data, and more. ... Read full article
In a rare move, the credit union regulator is asking the CFPB for exemptions for credit unions from expanded HMDA requirements and unfair and deceptive acts authority. ... Read full article
With the future of payday lending in flux, the Office of the Comptroller of the Currency has the ability to help provide consumers with a better credit option. ... Read full article
Fintech still has a ways to go to change the financial world, but it already offers solutions to income insecurity that can be truly transformational right now. ... Read full article
Gov. Mary Fallin, a Republican, sided with consumer advocates over payday lenders in a fight that is playing out in numerous states. ... Read full article
An industry-backed bill that is headed to the desk of Gov. Mary Fallin is seen by critics as an effort to minimize the impact of a potential CFPB crackdown. ... Read full article
The Consumer Financial Protection Bureau's prevailing mindset is apparently not affected by convincing evidence regarding options for borrowers looking for small-dollar credit. ... Read full article
Elevate Credit in Fort Worth, Texas, debuted Thursday at half the price the company had been targeting. Investors may have been spooked by the possibility of rising losses. ... Read full article
Startups in the payday lending space say their use of artificial intelligence is allowing them to make better loans at lower rates with fewer defaults. ... Read full article
