News Topic: Small-dollar lending

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. ... Read full article

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. ... Read full article

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. ... Read full article

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

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

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. ... Read full article

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. ... Read full article

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. ... Read full article

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? ... Read full article

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, ... Read full article

The vote Friday was a victory for consumer advocacy groups that have been pushing for years to rein in lenders that charge triple-digit rates. ... Read full article

Next up for BB&T-SunTrust: deciding where to unload branches; how the Trump administration would reform Fannie Mae, Freddie Mac; why the CFPB's payday rule is in the hands of a Texas judge; and more from this week's most-read stories. ... Read full article

Consumer Financial Protection Bureau Directors Kathy Kraninger is under pressure to ask a federal judge to lift a stay that has kept the agency's short-term-lending rule from going into effect. ... Read full article

The debate over the CFPB's plan to revamp its payday lending regulation should focus on the benefits for borrowers. ... Read full article

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. ... Read full article

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

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. ... Read full article

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