News Topic: underbanked

First-term Rep. Rashida Tlaib, D-Mich., has sponsored the Prevent Discrimination in Auto Insurance Act in order to prevent “undue burden” on low-income individuals seeking auto insurance. ... Read full article

The federal government's more active role in GDP, payroll and other vital statistics produced by the island could hasten its recovery from Hurricane Maria and lift lending and bank valuations at the same time. ... Read full article

Recounting her family’s financial struggles, Jelena McWilliams said regulatory policy should address the plight of the underbanked. ... Read full article

The agency is exploring how to reopen small-dollar lending options for banks, but consumer groups are urging the agency to maintain pricing limits and other controls. ... Read full article

The Financial Solutions Lab, a joint initiative, has announced the winners of its annual competition to identify solutions to consumer financial challenges, this year focusing on startups dedicated to improving financial health in the workplace. ... Read full article

A recent proposal to allow the government-sponsored enterprise to offer more credit in agricultural regions is deeply flawed. ... Read full article

LendStreet is looking to break the circle of debt that often arises when struggling borrowers try to consolidate what they owe. ... Read full article

The banking industry has long been critical of the government-sponsored enterprise, but the system could provide valuable banking services to large swaths of the country currently lacking access to them. ... Read full article

Any serious discussion of how best to update the Community Reinvestment Act for the 21st century must focus on strengthening the law, not eliminating it. ... Read full article

Several challenger banks are trying to relieve consumers’ financial stress by offering tools that guide better habits. ... Read full article

Sunrise Banks in Minnesota offers products and services designed to help underserved communities and works with fintechs that have a similar mission. ... Read full article

A report released Tuesday echoes bankers’ arguments that the USPS is ill-equipped to manage the risks. ... Read full article

MyBucks and its subsidiary, New Finance Bank, have opened 4,200 digital banking accounts and provided 72 loans at a Malawi branch said to be the first of its kind in a refugee camp. ... Read full article

Upturn, which is owned by a BBVA unit, is offering a free online tool consumers can use to detect and dispute inaccuracies in their credit report. ... Read full article

The agency’s flawed methodology for determining interest rate caps on certain accounts poses risks for banks offering free, low-deposit checking and the financial system more broadly. ... Read full article

What the Democrats' House takeover means for banks; Synchrony has a lot to lose in fight with Walmart; should industry fear Waters-led banking panel?; and more from this week's most-read stories. ... Read full article

Banking industry groups said they were vindicated by the defeat of the ballot measure, but public banking advocates plan to keep pushing the idea. ... Read full article

Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers. ... Read full article