News Topic: Small-dollar lending

The war of words between acting Consumer Financial Protection Bureau Director Mick Mulvaney and Sen. Elizabeth Warren, D-Mass., the agency's architect, is escalating. ... Read full article

The Pew Charitable Trusts has released a set of 10 standards for banks and credit unions that want to to offer small loans to subprime customers. Among its ideas: keep monthly payments at or below 5% of the borrower’s paycheck and make loans available ... Read full article

Delaying the rule's effective date or refocusing it on disclosure requirements are among the options for the Consumer Financial Protection Bureau's acting director to ease its impact on the industry. ... Read full article

It’s not necessarily new, but a confluence of trends — advances in technology, changing consumer preferences and banks’ need to diversify their balance sheets — has made it more popular than ever. ... Read full article

Top Democrats in the House and Senate sent a letter to Mick Mulvaney on Wednesday questioning his decision to delay the implementation of the Consumer Financial Protection Bureau’s payday loan rule. ... Read full article

Mick Mulvaney and Richard Cordray set themselves apart from the run-of-the-mill Beltway bashing of late when their war of words over the CFPB went positively bookish. ... Read full article

The CDFI formerly known as Progreso Financiero targets consumers with little or no credit history. ... Read full article

The short-term loan industry is suddenly playing offense in Washington following Mick Mulvaney's appointment as acting head of the Consumer Financial Protection Bureau. ... Read full article

Mick Mulvaney, the agency's acting director, said he believes the small-dollar lending rule is too far along to roll back through regulation but hopes Congress will repeal it. ... Read full article

Partnerships with financial technology companies could be effective in helping banks meet small-dollar credit demand, but those partnerships face a legal cloud. Thankfully Congress is considering adding needed clarity. ... Read full article

The Senate confirmed Jospeh Otting, a former business partner of Treasury Secretary Steven Mnuchin, to lead the Office of the Comptroller of the Currency. ... Read full article

Rather than pull up stakes and leave two low-income Mississippi towns at the mercy of payday lenders, Regions Bank donated the branches to a local credit union and kicked in another $500,000 for operating costs. ... Read full article

Fifth Third, U.S. Bancorp and others aim to design a short-term credit product that would satisfy their various regulators, but exactly how and how quickly they should go about it is murky at this point. ... Read full article

The tech giant won praise from consumer groups for its decision to ban ads for high-cost consumer loans. But the policy contains a big loophole, and advertisers have found multiple ways to exploit it. ... Read full article

For all the anticipation that preceded the Consumer Financial Protection Bureau's final small-dollar lending rule, a picture of how the rule will affect banks and credit unions is still quite hazy. ... Read full article

With the environment in Washington favoring deregulation, banks are pushing regulators to let them back into the payday lending game. They should know better. ... Read full article

LendUp is seeking to differentiate itself from competitors by making fast loan decisions and designing its customer experience around the mobile phone. ... Read full article

A Nebraska banking veteran put up $1 million of her own money to create a microlending program that doesn't require business owners to provide traditional collateral. ... Read full article