The official told lawmakers Thursday that the research underlying the bureau's 2017 payday rule proposal did not support strict underwriting requirements of small-dollar loans.
Readers respond to JPMorgan's Twitter gaffe, weigh the role banks should play on issues like climate change, consider the impact of artificial intelligence on fair lending and more.
The Democratic senator's legislation, which has been floated in previous years, would apply to the APRs on all open-end and closed-end consumer credit transactions.
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.
'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.
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.
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.
