You know the story. Critics say that short-term, small-dollar loans push consumers into the hamster wheel of a never-ending debt cycle – one that turns a two-day bridge to cover a shortfall into a six-month mosh pit of fees that can become hard to dig out from...
Could it be that the CFPB, under new Executive Director Kathy Kraninger, will be moving directly to eliminate the more controversial provisions of its payday lending rule? According to sources cited by American Banker, the CFPB will remove the controversial underwriting rules that would have forced lenders to...
The Federal Deposit Insurance Corporation (FDIC) announced that it is has issued a request for public comments related to small-dollar lending by financial institutions. The Request for Information (RFI) aims to gather more information on the consumer demand for small-dollar credit products, as well as...
The Office of the Comptroller of the Currency (OCC) issued a new guidance encouraging banks to offer responsible short-term, small-dollar loans to their customers. The guidance did not change any regulation, but clarified the regulator’s stance on the loans, Reuters reported. In 2013, the OCC...
April 25, 2017
A lot has been said and written about payday loans. In fact, there’s been a literal deluge of data on the subject: stacks of studies, reams of regulations, a plethora of public hearings and an otherwise unending series of arguments about whether or not this form of lending is a useful and well-understood type of […]
November 14, 2018
The Federal Deposit Insurance Corporation (FDIC) announced that it is has issued a request for public comments related to small-dollar lending by financial institutions. The Request for Information (RFI) aims to gather more information on the consumer demand for small-dollar credit products, as well as what products are currently being offered by banks and what […]
May 24, 2018
The Office of the Comptroller of the Currency (OCC) issued a new guidance encouraging banks to offer responsible short-term, small-dollar loans to their customers. The guidance did not change any...
September 28, 2017
By now, the sobering statistics are familiar: Nearly half of American adults say they could not cover an unexpected expense of $400, according to the Federal Reserve. Now, a new...
March 14, 2017
As small digital lending startups have recently began flourishing across China, government officials are getting ready to exert just a bit more control over them. This crackdown follows a similar...
