Underbanked

The Consumer Financial Protection Bureau will unveil sweeping federal regulations Thursday for payday lenders that could open the door for competition from banks, while forcing lenders to move toward longer-term installment loans. Here's what to track when the plan is released.

The idea that restricted access to loans for poor-credit borrowers is unequivocally a bad thing is based on industry talking points that don't stand up to real-world scrutiny.

TCF Financial in Minnesota has launched a set of products targeting low-income customers. The company, which has closed a fifth of its branches in recent years, hopes underbanked clients will boost traffic at its remaining locations.

Steve Streit retained his board seat Monday, but lost two allies, as a large shareholder indicated that it will continue pushing for his ouster.

Green Dot’s embattled founder and chief executive, Steve Streit, is expected to be reelected to the board based on preliminary voting results from its annual meeting, the company announced Monday.

One of the country's largest online lenders is cutting jobs and shelving expansion plans in response to investors' rapid retreat from the beleaguered sector.

Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, introduced legislation Thursday to reform consumer credit reporting.

Users of the Walmart MoneyCard, issued by Green Dot, took to social media Wednesday to complain about problems they've encountered checking balances and accessing funds. The problems come at an inopportune time for Green Dot.

A study commissioned by the Massachusetts Bankers Association found a correlation between a spike in credit unions with low-income designations and an increase in member business lending in the state.

Google should be applauded for deciding to ban payday loan-sponsored ads. But it should tweak some of the details so legitimate lenders can still advertise.

At a recent hearing in Harlem, community leaders and others expressed their desire for the United States Postal Service to offer financial services.

Steve Streit founded the nation's largest prepaid card issuer and took it public during a long tenure as CEO. Now he's locked in a nasty fight to keep his job and defend his reputation.

The Federal Deposit Insurance Corp.’s request for input on mobile financial services allows banks to promote how their mobile app helps the underserved, which is a plus when seeking merger approval.

At least three large U.S. banks are preparing to go to market with new small-dollar installment loan products in a move that could potentially disrupt the payday lending industry.

Banking is often seen as a quintessentially modern institution. But financial practices are deeply rooted in the medieval period.

With consumers generally averse to risk, financial institutions have an opportunity to rethink what it means to make bets in line with their customers' well-being.

While it is true that more consumers complain to the Consumer Financial Protection Bureau about their mortgages, the data still reinforces the idea that overdraft fees are more high-cost credit than protection.

Two startups are working to educate millennials on the importance of credit and issue them small credit lines. Credit to young adults largely dried up following the CARD Act of 2009, which changed the way banks and others could market to the group.

The prepaid card industry is ramping up its advocacy efforts on Capitol Hill as the Consumer Financial Protection Bureau readies a final rule targeting such products.

The U.S. Postal Service is neglecting its profitable money-order business, which has lost 25% of its sales volume over the last five years. Big changes are needed to revive the product, according to a new report.