News Topic: underbanked

Anticipating recession, banks start scrubbing loan books; how Trump's political appointees thwarted tougher settlements with two big banks; the Fed's plans on its real-time payment service; and more from this week's most-read stories. ... 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

The Upstart Network, the first and only startup to participate in the bureau’s program for promising digital platforms, claims that using nontraditional credit data items has helped loan volume and affordability. ... Read full article

Two weeks after lawmakers grilled a Facebook exec over Libra, they acknowledged benefits from digital currency technology while warning of the risks. ... 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

A bill to regulate firms that give workers early access to unpaid wages passed a key committee this week, but industry groups and advocates are still seeking changes. ... Read full article

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. ... Read full article

Intern programs are just one example of an activity that should count for CRA credit and meet Dodd-Frank requirements, says Comptroller of the Currency Joseph Otting. ... Read full article

Many people still distrust banks, but many also look askance at the social media giant, making it an unlikely savior of the unbanked. ... Read full article

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. ... Read full article

A former Wall Street lawyer who worked on bank bailouts is behind the idea; threatened tariffs are only one of the country’s problems, Citi CEO says. ... Read full article

BB&T’s chief executive has not prioritized meeting with local leaders and consumer advocates to discuss its merger plans, missing a valuable opportunity to create a new kind of large bank. ... Read full article

Mariel Beasley, co-director of Duke University’s Common Cents Lab, who studies consumers’ financial behavior, says savings "nudges" in apps often fall flat. Here's why. ... Read full article

The two banks’ CEOs used a public hearing to argue their merger will be a boon for underserved markets. But other speakers warned that bank consolidation hurts communities. ... Read full article

Karen Andres at the Center for Financial Services Innovation talks about the financial problems of people over 50 and how banks can help. ... Read full article

Financial education programs have been shown to be largely ineffective. What low-income consumers really need from banks are better products and more tailored advice. ... Read full article

Senior officials at the OCC, FDIC and Fed signaled they agree more than they disagree on a plan to modernize the Community Reinvestment Act. ... Read full article

As bankers' skepticism about blockchain deepens, crypto firms should demonstrate how the technology can help financial companies, such as by extending access to the underbanked, says Hinkes, a prominent advocate of blockchain. ... Read full article