Small-dollar lending

House Democrats ask CFPB to abandon payday rule overhaul


House Financial Services Committee Chairwoman Maxine Waters and over a hundred other lawmakers want the agency to go forward with a mandatory underwriting requirement for payday loans.


Consumer groups to CFPB: Implement payday rule


Four advocacy groups questioned why the consumer bureau did not ask a judge to lift a stay of the rule's payment provisions.


Payday loans decline in Calif. as borrowers turn to installment products


New data from the state shows that payday loans fell to a 12-year low in 2018. But the trend does not necessarily mean that consumers are paying less to borrow.


Consumer lender Oportun lays groundwork for IPO


In a registration statement filed with the SEC, the company revealed new details about its financial performance and its growth plans.


California on verge of capping rates on installment loans


The legislation, which passed a key test in the state Senate on Wednesday, is the product of a compromise between consumer advocates and some lenders.


As California mulls rules for payday loan alternative, rifts emerge


Companies that offer early access to earned wages want a regulatory framework for their fast-growing industry. But the bill under consideration in Sacramento is exposing big divisions in the sector.


Postal banking isn’t the fix for financial inclusion


Despite renewed calls from Democrats looking to USPS to offer banking services, policymakers should instead consider reforms that would permit private-sector firms like Walmart and Amazon to offer a wider array of financial products.


CFPB delays compliance date for key part of payday lending rule


The CFPB issued a final rule late Thursday to delay the compliance date for mandatory underwriting provisions of the 2017 payday lending rule.


Don’t sideline earned income access


Critics have knocked the product, which provides workers access to their wages before payday, as another form of predatory lending. But California has a new bill that would create a legal framework for this short-term lending alternative, and policymakers elsewhere should follow the state's lead.


Agencies closer to joint polices on CRA, small-dollar loans: FDIC head


Jelena McWilliams said federal bank regulators could begin "within a week or so" to discuss a draft proposal for reforming the Community Reinvestment Act.