Small-dollar lending

Far from cheering CRA reform, CDFIs are worried


Community development financial institutions could stand to gain from efforts to modernize the Community Reinvestment Act, but they fear the proposal offered by regulators may end up draining their capital.


Senate Dems urge CFPB watchdog to investigate restitution practices


In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution.


House Democrats spar over rate cap bill


Moderates on the Financial Services Committee are attempting to block legislation that would extend the 36% interest rate cap on loans to military personnel to all consumers.


There's a better way to regulate small-dollar lending


Instead of imposing interest rate caps, policymakers should require online lenders to provide clear disclosures and promote partnerships with banks.


BMO off to promising start on its AI projects


The team has already built three customer-facing AI tools this year, which it hopes to keep building upon.


Nothing comes easy for CFPB in payday lending rule


The restriction on how often a borrower’s account is debited was supposed to be relatively straightforward, but one lender is trying to fight that provision.


'Litigation threats are destroying innovation': Comments of the week


Readers react to a regulator's promise to reduce regulation that hinders innovation, Sen. Elizabeth Warren's plan to impose heavier taxes on lobby groups, Freddie Mac's exploration into AI and more.


Goldman’s ‘money pit;’ lenders embrace small installment loans


Goldman’s consumer unit, Marcus, has so far lost $1.3 billion; big lenders like JPMorgan Chase and Amex are making loans for small-ticket items like clothes and cosmetics.


The derailment of California's payroll advance law


A first-in-the-nation bill that drew unanimous support from the state Senate failed to get over the finish line this year. What happened?


Student loan disclosures top new CBA chair’s Hill agenda


Nitin Mhatre of Webster Financial explains why the Consumer Bankers Association — whose members want a bigger piece of the student lending market — backs legislation that would make the federal government tell borrowers how much they will ultimately owe, as private lenders are already required to do.