Small-dollar lending

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.

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.

The AGs say the agency's plan to rescind ability-to-repay requirements for payday loans would undermine states' ability to enforce their own laws.

Democrats and Republicans on the House Financial Services Committee called for steps to minimize the harm to community banks and credit unions bracing for the new accounting standard.

To generate revenue, SoLo Funds depends on consumers willing to front funds through its platform.