Small-dollar lending

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.

[more]

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.

[more]

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.

[more]

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.

[more]

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.

[more]

CFPB’s payday rule rollback sows confusion

03/04/19

The industry cheered the bureau’s proposed repeal of its ability-to-repay requirement, but another part of the rule — on account debit restrictions — was left intact, and some companies aren’t ready to comply.

[more]

Customer engagement is really about solving problems

03/04/19

Events like the recent government shutdown present opportunities for banks to help customers when they need it most.

[more]

CFPB reversal on payday lending is a big mistake

02/25/19

The agency recently proposed gutting the ability-to-pay standard in its small-dollar loan rule, a move that would benefit the payday loan industry and harm consumers.

[more]

Why Kraninger's CFPB is mandating fewer consumer refunds

02/20/19

The agency has required restitution in just one of six settlements under its new director, raising questions about whether the pattern will continue.

[more]

Critics of CFPB’s revised payday rule miss the mark

02/19/19

The agency’s proposed changes to its standard for small-dollar loans will help ensure underbanked consumers still have access to credit. Concerns about predatory lending are overstated.

[more]