Small-dollar lending

Far from cheering CRA reform, CDFIs are worried

01/23/20

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.

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Senate Dems urge CFPB watchdog to investigate restitution practices

01/14/20

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.

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House Democrats spar over rate cap bill

12/06/19

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.

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

12/04/19

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

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BMO off to promising start on its AI projects

11/04/19

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

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Nothing comes easy for CFPB in payday lending rule

10/29/19

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.

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

10/03/19

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.

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

09/30/19

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.

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The derailment of California's payroll advance law

09/19/19

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?

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Student loan disclosures top new CBA chair’s Hill agenda

09/18/19

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.

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