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An expected ballot measure, which is backed by a prominent Democrat and Republican, would serve as a referendum on South Dakota's decades-old decision to deregulate interest rates.
January 2 -
While the Federal Deposit Insurance Corp.'s reporting of growing use of prepaid products among the underserved stokes concerns about high costs, some note they can be a bridge to more traditional accounts.
November 11 -
Progreso CEO Raul Vazquez discusses the firm's strategic plans and speaks out for the first time about the Hispanic lender's connections to retail giant Wal-Mart.
May 13
Progreso Financiero, a nonbank lender that targets Latino consumers, plans to change its name to Oportun.
The Redwood City, Calif., company said in a news release Monday that the name change grew out of consumer research it conducted recently. The firm's new moniker is derived from the Spanish word "oportunidad," which means "opportunity." The name change will be completed by the end of 2015.
Chief Executive Officer Raul Vazquez said the firm was looking for a name "that builds on our customers' perception of our company and what we do for them, and we wanted the name to be short and memorable.
Progreso operates 130 locations in California, Illinois and Texas. Since making its first loan in 2006, the firm has lent out more than $1.3 billion.
From a borrower's standpoint, Progreso's unsecured installment loans generally
