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. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content —...
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. Get the Full Story...
April 25, 2017
A lot has been said and written about payday loans. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. By completing this form, you agree to receive marketing communications from PYMNTS and […]
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. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily newsletter, PYMNTS […]
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...
