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dollar lenders Statement on Providing Banking Services. The FDIC encourages insured depository institutions to serve their communities and recognizes the importance of the services they provide. Individual customers within broader customer categories present varying degrees of risk. Accordingly, the FDIC encourages institutions to take a risk-based approach in assessing individual customer relationships rather than declining to provide banking services to entire categories of customers, without regard to the risks presented by an individual customer or the financial institution’s ability to manage the risk. Financial institutions that can properly manage customer relationships and effectively mitigate risks are neither prohibited nor discouraged from providing services to any category of customer accounts or individual customer operating in compliance with applicable state and federal law. A new study released by a Kennesaw State University professor provides evidence against claims of payday loan critics that extended refinancing of these loans is harmful to consumers’ financial welfare. The study, which was based on the transactions of 37,000 borrowers over a four-year period, also found that borrowers who live in states with fewer refinancing restrictions fare better than those in more heavily regulated states. 2013 FDIC National Survey of Unbanked and Underbanked Households According to data provide by the FDIC, the estimated Alternative Financial Services transaction volume is $320 billion annually. That's a very conservative estimate. The FDIC provides the following statistical annual breakdown: • Buy Here, Pay Here Auto Loans = $80 billion • Check Cashing = $58 billion • Pay Day Loans = $48 billion • Remittances - $46 billion • Open Loop Prepaid Cards = $39 billion • Refund Anticipation Loans = $26 billion • Money Order = $17 billion • Rent-To-Own Transactions = $7 billion According to FiSCA estimates, AFS providers: • Process more than 170 m checks per year, totaling more than $58 billion. • Sell money orders with a face value of $17.6 billion per year, at an average cost of 64 cents each. • Process more than 57 m bill payment transactions, at an average cost of 86 cents per transaction.
Why Do the Unbanked Use Alternative Financial Services? By Lisa J. Servon, Ph.D., Professor and Former Dean, Milano School of International Affairs, Management, and Urban Policy, The New School, New York City
Equifax Says. The biggest credit card growth segment for both bank- and retail-issued cards is among subprime borrowers, those with credit scores of 660 or lower, according to Equifax, one of the three major credit bureaus. New credit card accounts for consumers with subprime credit scores have shot up 40 percent so far this year, compared to last year, says Amy Crews Cutts, Senior Vice President and Chief Economist at Equifax. "As the economy improves, consumers appear to be ready to expand, or in some cases, rebuild their credit," said Cutts. "... This reflects both consumers' appetite for new credit, and lenders' willingness to offer it. "Interestingly, balances for both subprime and prime have risen very little, suggesting that while consumers are positioning themselves for growth - they are also hesitant to take on new debt. |
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