Underbanked

Mary Jackson, a former executive at Cash America International, succeeds Lisa McGreevy at the helm of the Arlington, Va.-based trade group.

The bank’s joint initiative with CFSI awards capital to firms trying to address issues that the startup teams personally experienced.

The Hudson, N.Y.-based credit union hopes a community charter will better enable it to serve the high population of unbanked consumers in the region.

A chunk of alternative loan customers are perfectly creditworthy, a report from the credit bureau shows.

The agency's bulletin opens the door to banks' making more short-term loans to borrowers with lower credit scores — with few parameters beyond "sound underwriting."

Call it mutual respect. Bankers from mutually owned British building societies and similarly structured U.S. thrifts recently gathered in New England to address common challenges and share ideas about staying relevant at a time of rapid change in financial services. Here are the takeaways from their meetings.

A bill to allow the USPS to offer financial products would be bad for consumers, taxpayers and the banking industry.

During a keynote address at PSCU's 2018 Member Forum, PayPal CEO Dan Schulman urged the credit union audience to rethink old assumptions.

Whether you like the idea or hate it, expect to hear a lot more about postal banking over the next two and a half years.

Tala plans to use the latest round of funding to develop new products for its customers in Kenya, Tanzania, the Philippines, India and Mexico.

The consumer lender Oportun is rolling out a product designed to combat overdraft fees.

The heads of Mastercard and Santander outlined the concrete steps their firms are taking to bring unbanked consumers into the financial system.

Rep. Maxine Waters, D-Calif., questioned Bank of America's decision to discontinue free online checking accounts used by many low-income consumers in light of the bank's recent profits and corporate tax cuts.

Amazon.com has millennial shoppers nailed down. And their parents. And most of their grandparents. But one group of potential customers has eluded the world's biggest internet retailer: teenagers.

A proposed fee increase at currency exchanges in Illinois could give credit unions a golden opportunity to reach out to the consumers who need them most.

The new law, which is modeled on a similar effort in the United Kingdom, aims to lure financial firms to the desert. It has drawn support from business organizations but opposition from consumer groups — a dynamic that is likely to be replayed in other states.

The legislation, signed Monday by Gov. Rick Scott, authorizes 60- to 90-day loans of up to $1,000. It makes Florida the first state to pass a law designed to blunt the impact of the CFPB’s payday lending rule.

The legislature has passed a bill that would allow lenders to make installment loans that, in many cases, would be more costly than payment loans. If Gov. Rick Scott signs it, Florida would become the first state to pass a law designed to blunt the impact of the CFPB’s crackdown on high-cost consumer loans.

The tech giant is reportedly in talks with JP Morgan Chase and Capital One about creating a checking account product, and two analysts say that could create major challenges for credit unions.

Howard Bancorp and Bryn Mawr Bank are trying different approaches to reach out to underserved markets they’ve entered via acquisitions. Creative in-house initiatives may take on added importance as regulators move to "dial back" Community Reinvestment Act rules.