Pew studies financial products to understand how they can be made safer and more transparent. Pew’s research informs policy solutions to create more effective consumer protections.
The consumer banking initiative studies the accounts that Americans rely on every day to manage their finances, including checking accounts, prepaid cards, and mobile payments.
The small-dollar loans project focuses on small-dollar credit products such as payday and automobile title loans, as well as emerging alternatives.
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Payday loans typically carry annual percentage rates of 300 to 500 percent and are due in a lump sum, or balloon payment, on the borrower’s next payday, usually about two weeks later. These loans are advertised as quick fixes for unexpected expenses, but repaying them consumes more than a third of an average borrower’s paycheck, leading to repeated borrowing for an average of about half the year.... Read More
Five years ago, Congress created the Consumer Financial Protection Bureau through the Dodd-Frank Act. Its sole mission is to protect consumers with regard to financial products, including checking accounts, mortgages, and credit cards. As Susan mentions in this video interview, prior to the creation of the CFPB, oversight of financial products was managed by seven different government agencies.... Read More