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  • For Prepaid Card Customers, Overdraft Is the Problem—Not the Solution

    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

  • Pew Identifies 4 Risks in Shift to Payday Installment Lending

    WASHINGTON—The shift toward installment credit in the payday and auto title lending markets is creating new risks, but a draft rule proposed in June by the Consumer Financial Protection Bureau (CFPB) would not adequately protect borrowers because it does not keep pace with changes in the industry, according to an issue brief released today by The Pew Charitable Trusts. Read More

  • Pew: CFPB’s Proposed Payday Loan Rule Misses Historic Opportunity

    Washington—The Pew Charitable Trusts warned today that the Consumer Financial Protection Bureau’s proposed rule on payday and auto title lending lacks clear product safety standards, makes it too easy for payday lenders to continue making harmful loans, and fails to encourage banks and credit unions to enter the market and make lower-cost loans. Read More

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