Underbanked

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.