PDBOA
PDBOA
PDBOA
Payday Business Owners Association
Payday Business Owners Association

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Examination of
Small-Dollar Credit
Consumers
Payday Lending
Statutes by State

    Pew Report releases study on payday lenders. The study found that
    online Internet loans are more expensive than those offered through
    storefronts; that many online borrowers report being threatened by
    lenders or debt collectors; and that the vast majority of payday borrower
    complaints are about online loans.  Pew calls on federal regulators to
    address these problems by establishing strong, clear, and consistent
    consumer protections for the small-dollar lending market as a whole.  
    PEW Charitable Trust

    Turns Out That Payday-Loan Customers Are Pretty Savvy Borrowers.
    An analysis of the complaints received by the CFPB  from consumers in its
    first three years indicates that payday lending isn't really that big a problem
    insofar as only roughly one percent of the consumer complaints are
    related to payday loans. Mainstream financial products and services such
    as mortgages and credit cards dwarfed payday lending for the volume of
    complaints received.  PYMTS.com

    Payday Loans and Check-Cashers Charge Exorbitant Fees and
    Consumers Don't Care. Consumers are missing an easy opportunity to
    save money: Avoiding high-fee loans and check-cashing services. And
    some don't even know why, a survey says. Despite T.D. Bank's Checking
    Experience Index showing that most banking consumers rate their
    checking account experience as either "excellent" or "very good," a growing
    number of consumers - 22% - are using alternative banking products such
    as check-cashing services and payday loans.  The Street

    Debt-averse millennials steer clear of credit cards. Millennials are less
    likely to own a credit card than any other age group. According to a new
    Bankrate.com study, 63 percent of individuals aged 18-29 don't own a
    credit card. This holds true for 35 percent of adults 30 and over, nearly half
    the number of the younger generation. Jeanine Skowronski, a credit card
    analyst with Bankrate.com, says millennials are debt averse because they
    grew up witnessing the Great Recession and have already faced struggles
    with student loan debt and a struggling job market.  CNBC

    LendingTree Releases Auto Loan Data to Illustrate the Impact of Credit
    Scores on Loan Offers. LendingTree, the nation's leading online loan
    marketplace, has released a year-long study tracking average auto loan
    rates on new vehicle purchases.  By analyzing over 20,000 loan offers
    made by lenders on LendingTree's auto loan exchange to borrowers
    across the credit spectrum, LendingTree found that credit scores have the
    greatest impact on interest rates offered to prospective borrowers.  
    Lending Tree

    Wal-Mart's Getting Into Banking, And It Makes A Lot Of Sense. Wal-Mart
    announced last week that it will partner with Green Dot, an issuer of
    prepaid debit cards, to offer low-fee checking accounts to customers in all
    Wal-Mart stores. The service, GoBank, will offer checking accounts with no
    minimum balance and no overdraft fees. The monthly service will cost
    $8.95, but that fee is waived with at least $500 per month in directly
    deposited funds. Wal-Mart's move into banking may seem odd, but if the
    behemoth is looking to serve its customers, bank accounts are a natural
    product. There are more Wal-Mart stores in areas where a higher
    percentage of the population is unbanked - that is, without a checking or
    saving account.  FiveThirtyEight

    5 Ways Angry Customers Have Gotten Back at Big Banks. Few
    institutions have managed to inspire as much vitriol among their
    customers and general public as banks. With the past financial crisis and
    subsequent recession, it seems that consumer's disdain for the entire
    banking system has only become more concentrated. Of course, the big
    banks have brought it upon themselves in many ways.  
    Wall Street Cheat Sheet

    Republican Senators Demand Answers on DOJ's "Operation Choke
    Point". Operation must not become end-run around Second Amendment
    rights. Republican Senators on the Senate Banking Committee sent a
    letter to the Department of Justice (DOJ) demanding answers regarding a
    DOJ-led effort that is negatively impacting law-abiding and legitimate
    businesses by choking them off from the banking sector, known as
    Operation Choke Point.  Mike Crapo, US Senate

    Why do so many Americans lack bank accounts? Many households in
    the US do not hold a bank account, making it harder for them to
    accumulate savings, and the alternative financial services which they
    largely use tend to charge very high fees. There is an urgent need to
    identify the drivers of the unbanked phenomenon. One of the main
    questions is whether being unbanked is driven by supply- or demand-side
    factors. The 'demand-side' view attributes the unbanked phenomenon to
    cultural determinants - the poor may distrust financial institutions or may
    not have culture of saving - or to a lack of financial literacy.  
    World Economic Forum
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