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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In October, the Consumer Financial Protection Bureau (CFPB) finalized a regulation for conventional payday loans and auto title loans of up to 45 days. Research by The Pew Charitable Trusts has shown that such loans harm consumers because paying them off costs a third of the typical borrower’s next paycheck, leaving borrowers unable to cover basic expenses without reborrowing, which leads... Read More
Nick Bourke, director of The Pew Charitable Trusts’ consumer finance project, issued a statement on the Consumer Financial Protection Bureau’s final payday loan rule. Read More
The Consumer Financial Protection Bureau (CFPB) finalized a rule in early July that will protect consumers’ rights to bring class-action lawsuits—in which plaintiffs band together to seek resolution through the civil justice system—against financial institutions. The rule prohibits banks from including in financial agreements mandatory predispute arbitration clauses with... Read More