CFPB rolls back restrictions on payday lenders

Jul 9, 2020
Lenders will not have to verify whether borrowers have the ability to pay back high-interest loans
About 12 million Americans take out payday loans every year, mostly to cover necessities like rent or utilities.
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Savings app aims to combat predatory payday loans

Aug 9, 2019
Still in its pilot phase, Onward promotes saving in small increments with a view to building a nest egg and eventually creating credit.
Oli Scarff/Getty Images

CFPB will take another look at the payday lending rules

by
Jan 17, 2018
Last year, the Obama administration enacted new rules regarding payday lending. They haven’t yet come into effect. Now, the Consumer Financial Protection Board says it will reconsider the tighter regulation that would have required payday lenders to make sure the…

Payday loan business facing tougher rules

by
Oct 5, 2017
Lenders would have to check a borrower’s ability to repay a loan but there are lots of loopholes protecting the loan business.
A neon sign above a branch of Payday Loans, who offer cash for gold and instant check cashing services.
Oli Scarff/Getty Images

Who are the unbanked?

Jun 29, 2017
Income volatility is increasingly driving low- and middle-income Americans to check cashers and payday lenders.
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In Louisiana, kids learn about balancing the books and paying bills

Dec 2, 2016
Last May, Louisiana made financial literacy a mandatory topic in state public schools.
At the Finance Park, a financial literacy simulation in Baton Rouge, middle school students learn the basics of paying bills and taxes, and how to balance a monthly budget.
Jesse Hardman

Consumer bureau proposes new rules for payday lenders

Jun 2, 2016
CFPB rules target payday, auto title, and high-interest installment loans.
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Where to turn when there's nowhere to turn

Mar 17, 2016
There are limited options for many people when hit with an unexpected expense.
The LIFT program in Los Angeles has a pilot program to provide small emergency grants to members facing unexpected financial emergencies.
Kimberly Adams/Getty Images

Life without a financial safety net

Mar 17, 2016
"It feels like being on a treadmill behind which there is a bed of spikes."
Joe Raedle/Getty Images

Breaking tradition in the credit scoring business

Feb 17, 2016
Banks dip their toes into a new market: people without traditional credit scores.
Banks dip their toes into a new market: people without traditional credit scores.
Simon Cunningham