Small-dollar lending

Critics have knocked the product, which provides workers access to their wages before payday, as another form of predatory lending. But California has a new bill that would create a legal framework for this short-term lending alternative, and policymakers elsewhere should follow the state's lead.

Jelena McWilliams said federal bank regulators could begin "within a week or so" to discuss a draft proposal for reforming the Community Reinvestment Act.

The AGs say the agency's plan to rescind ability-to-repay requirements for payday loans would undermine states' ability to enforce their own laws.

The official told lawmakers Thursday that the research underlying the bureau's 2017 payday rule proposal did not support strict underwriting requirements of small-dollar loans.

Democrats and Republicans on the House Financial Services Committee called for steps to minimize the harm to community banks and credit unions bracing for the new accounting standard.

Recent letters from NAFCU and CUNA called on the Consumer Financial Protection Bureau to provide a carve out in its payday lending rule for loans made by credit unions.

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.

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

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.