Underbanked

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.

The goal of the competition is to increase diversity in the financial technology industry.

A public-private coalition, including Citigroup and disability advocates, is testing financial literacy strategies in New York City that they hope will be used nationwide to improve the financial lives of Americans with disabilities.

Lobbyists for the payday loan industry are getting a warmer reception in state capitals in 2018 than they did last year. One of their key arguments is that the federal crackdown on payday loans, which is now on hold, requires a response from the states.

A crucial challenge for payment apps and cashless banking is how they adapt to provide services for the unbanked, writes Michael Kordvani, head of SEO for app development agency Fueled.

Marathon International Bank would target the Ethiopian community with specific advertising and educational programs.

The CDFI formerly known as Progreso Financiero targets consumers with little or no credit history.

Many low-wage employees continue to be paid by paper check. WiseWage has built an online portal on the idea that workers and their employers have a shared interest in electronic paychecks.

A new service is making it easier for the unbanked to shop at 7-Eleven and Amazon, but is that really the best way to serve low-income consumers?

Regional and community banks will offer low-cost or no-cost financial products through Bank On, which has already reached agreements with Regions Bank, Wells Fargo and SunTrust.

U.S. Reps. Gwen Moore and Paul Cook introduced a bill this week would allow more credit unions to expand their fields of membership to underserved communities.