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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Proposed regulations from the Consumer Financial Protection Bureau (CFPB) would protect consumers from conventional, lump-sum payday loans, which Pew’s research has shown usually have unaffordable payments that trigger reborrowing. The pending rule strongly encourages payday and auto title lenders to give borrowers more time to repay loans in smaller installments, rather than large lump-sum... Read More
In June, the Consumer Financial Protection Bureau (CFPB) released a proposed rule to regulate payday, auto title, and some high-cost installment loans. The proposal applies to “covered loans” from any lender, including payday, auto title, online, and nonbank installment lenders as well as banks and credit unions, but not to overdraft services, pawn loans, business loans, and other... Read More
Approximately 37 million adults in the United States, a number roughly equivalent to the population of California, do not have a checking account. Some have never relied on traditional banking, while the majority was part of the banking system at one time and subsequently stopped using financial institutions. The primary reason these “unbanked” consumers gave up on traditional bank... Read More