Small-dollar lending

Critics of CFPB’s revised payday rule miss the mark


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.


Consumer lender Insikt rebrands as Aura


The installment lender, which bills itself as an alternative to payday lenders, targets underserved communities and operates through a network of retail partners.


Shutdown highlighted need for bank-backed small-dollar loans


Regulators should clarify rules around deposit-advance products so that banks can serve consumers seeking short-term loans, like those affected by the recent partial closing of the government.


CFPB takes big step toward unwinding payday lending rule


In a major victory for small-dollar lenders, the agency plans to rescind underwriting requirements that were the centerpiece of the rule drafted by a Democratic appointee.


FDIC's small-dollar riddle: How to entice banks, yet stay tough


The agency is exploring how to reopen small-dollar lending options for banks, but consumer groups are urging the agency to maintain pricing limits and other controls.


CFPB fines Enova $3.2M for unauthorized account debits


The consumer bureau says the online lender improperly extracted millions from over 5,000 accounts without getting authorization.


One study, two vastly different visions for CFPB payday rules


When a Columbia University professor surveyed 1,000 payday loan customers, little did he know that the resulting research report would become a lightning rod in the drafting of rules for small-dollar lenders.


Calif. regulator settles with lender accused of evading rate cap


The consent order against California Check Cashing Stores is part of a broader crackdown by the Department of Business Oversight on small-dollar lenders trying to skirt interest-rate limits.


Fed not an impediment to fintechs' charter ambitions: OCC's Otting


Some in the industry worry the Fed may balk at allowing OCC charter recipients into the payments system, but Otting downplayed those concerns.


CFPB to scrap key underwriting portion of payday rule


The agency is expected soon to propose a revamp of the 2017 regulation that would eliminate the ability-to-repay provisions, which small-dollar lenders saw as a direct threat to their business.