Payday lending

The Democratic senator's legislation, which has been floated in previous years, would apply to the APRs on all open-end and closed-end consumer credit transactions.

The Democratic senator's legislation, which has been floated in previous years, would apply to the APRs on all open-end and closed-end consumer credit transactions.

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.

Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.

The bureau had already proposed removing the underwriting portion of the rule, but a judge in Texas has indefinitely delayed the other key component as well.

With the National Credit Union Administration board at full strength for the first time in years, here are three areas where the panel can make a big difference for CUs early on.

The bureau's director, Kathy Kraninger, faced a barrage of criticism from Senate Democrats on the agency's lack of enforcement actions, a reversal on Military Lending Act examinations and changes to the payday loans rule.

Recent history shows how dangerous these short-term products can be without appropriate guidelines in place.

In the face of tough questioning from House members, CFPB Director Kathy Kraninger appeared mostly unfazed and tried to strike a balance between heeding concerns about the agency’s power and supporting its mission to help consumers.

The legislation comes a day before CFPB Director Kathy Kraninger is set to testify to Congress.

The industry cheered the bureau’s proposed repeal of its ability-to-repay requirement, but another part of the rule — on account debit restrictions — was left intact, and some companies aren’t ready to comply.