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 Colorado, a 2007 law that attempted to reform the payday lending industry failed to achieve policymakers' goals of reducing harm to payday borrowers while preserving access to small-dollar credit. The law preserved lump-sum lending, allowing lenders to make four consecutive balloon-payment loans but then requiring them to offer borrowers an installment plan. Read More
Pew studied 44 of the nation’s 50 largest banks, as determined by volume of deposits (six did not provide account information to Pew), and documented their use of best and good practices in the areas of disclosure, overdraft, and dispute resolution. Read More