Underbanked

The California company, which filed an application Monday with the Office of the Comptroller of the Currency, is following a path charted by Varo Money and SoFi.

The Toronto parent of BMO Harris Bank has joined a growing list of banks directing billions of dollars toward affordable housing and loans to low- and moderate-income communities.

The Pittsburgh-based institution can now serve more than a dozen municipalities in the Keystone State.

The Pasadena, Calif., bank is partnering with and investing $2.5 million in Gig Wage to offer services like debit cards and money management to gig workers, many of whom are among the tens of millions of unbanked and underbanked Americans.

Harvest, a fintech founded by Nami Baral, has developed an alternative scoring method that amasses data on spending patterns, debt payments and even earnings potential to get a better sense of consumers' creditworthiness.

A New York CDFI is halfway to its $100 million fundraising goal for a fund that would put deposits in Black-owned banks and make loans to key businesses or projects. It hopes the moves will improve availability of capital and access to mainstream financial products.

If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.

The 2020 election has tossed the U.S. Postal Service under extreme scrutiny, pressuring the institution at a time when it has become a potential catalyst for financial inclusion.

If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.

Treasurer Ma has championed programs to give minority and women-owned businesses a seat at the table throughout her career. A mission of the Treasurer is increasing diversity to increase equitable outcomes.

A pilot program that would let banks, credit unions and challenger banks bid to offer financial services within rural and inner-city post offices could be a first step in serving the underbanked while also helping to shore up the U.S. Postal Service's finances.

Crypto provides a new tool for underbanked consumers, Marc Grens of DigitalMint writes.

Crypto provides a new tool for underbanked consumers, says DigitalMint's Marc Grens.

A pilot program that would let banks, credit unions and challenger banks bid to offer financial services within rural and inner-city post offices could be a first step in serving the underbanked while also helping to shore up the U.S. Postal Service's finances.

James Gutierrez will remain on the board of directors and is trying to arrange financing to help keep the struggling company afloat.

Many of its borrowers have struggled to make payments since the pandemic struck, so it is helping them by suspending debt collections and capping rates on new loans at 36%.

The Democratic presidential nominee's plan would require the Federal Reserve to report the actions it is taking through its monetary and regulatory policies to address disparities in income between racial groups.

Current, Stoovo and other companies are reaching out with low-cost, low-fee financial services and even tools to help users search for part-time jobs.

Peoples Bank in Arkansas once used brokered deposits to fund more loans to underserved borrowers. It could do so again if Congress loosens restrictions, says CEO Mary Fowler.

Paycheck Protection Program loans were out of reach for the myriad of cash-based enterprises or underfunded businesses that are key to economic growth in the country. This could change the very fabric of New York City, with businesses that were part of people's everyday life disappearing.