Small-dollar lending

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.

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Consumer lender Insikt rebrands as Aura

02/12/19

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

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Shutdown highlighted need for bank-backed small-dollar loans

02/11/19

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.

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CFPB takes big step toward unwinding payday lending rule

02/06/19

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.

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

01/31/19

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.

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CFPB fines Enova $3.2M for unauthorized account debits

01/25/19

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

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One study, two vastly different visions for CFPB payday rules

01/23/19

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.

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Calif. regulator settles with lender accused of evading rate cap

01/22/19

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.

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

01/16/19

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

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CFPB to scrap key underwriting portion of payday rule

01/14/19

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.

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