Payday lending

Congress has returned from its two-week vacation with plans to debate a number of issues important to the credit union industry.

The use of digital payments offers significant savings over check cashing. Payroll cards and public-sector prepaid cards issued for the deposit of government benefits are two of the best known examples, writes Andrew Gillen, vice president for Global Public Sector Payment Solutions for Mastercard.

A panel of federal judges determined that Think Finance and an online tribal payday lender must comply with state interest rate and licensing laws.

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.

In a unique deal, organizers of Village Financial Cooperative received $500,000 from the Minneapolis City Council as they aim for a June opening.

'There is no division in our industry,' BofA's Moynihan says; why CFPB's payday revamp is an even bigger deal than you think; Morgan Stanley's new data strategy for higher-quality AI; and more from this week's most-read stories.

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

The Earnin app appears designed to look like other early wage access programs, but critics say it’s actually a payday lender and New York regulators have taken notice.

In successive speeches, Joseph Otting and Jelena McWilliams expressed hope for a Community Reinvestment Act rule by early next year, and also said regulators should align their small-dollar lending policies.

The proposed rollback of underwriting requirements for small-dollar lenders could redefine a legal doctrine that governs rules affecting other companies as well.