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Payday Business Owners Association
Payday Business Owners Association

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Examination of
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Consumers
Payday Lending
Statutes by State

    MISSOURI: The push in Missouri to ban payday lenders from accepting
    utility bill payments has suffered a setback. In a report filed this week, the
    staff of the Missouri Public Service Commission recommended no ban, saying that
    legal authority to stop the practice was questionable. The report also said no
    specific evidence was presented that consumers were being harmedKansas City

    Payday lending is big business: What you should know.
    USA Today

    FICO SCORES: America's most widely used credit-scoring system is
    being revised to reduce the negative effect of overdue medical bills and
    to quit penalizing consumers who pay off debts that had been assigned
    to collection agencies. The changes to the hugely influential FICO scoring system
    could make it easier for millions of Americans to get loans at lower rates and
    eventually save consumers billions of dollars. LA TIMES

    Wal-Mart's new service hurting MoneyGram. MoneyGram International is
    feeling the effects of Wal-Mart. The Dallas company said Friday that its money-
    transfer volume and revenue in the second quarter were hurt by the giant retailer's
    new store-to-store transfer service introduced in April. Second-quarter earnings
    were the first look at the impact of Wal-Mart's new service on MoneyGram's
    operations. USA Today

    8/08/14: T-Mobile Surpasses Sprint, Takes No. 1 Spot in Prepaid Wireless.
    Un-carrier momentum carries T-Mobile past Sprint, AT&T and Verizon for top spot in
    prepaid wireless market, brings new level of customer service and network quality
    to growing prepaid marketplace. BUSINESS WIRE

    ALERT: FDIC issues Financial Institution Letter clarifying that banks CAN
    WORK with ONLINE LENDERS.
    The FDIC encourages insured depository institutions to serve their communities
    and recognizes the importance of services they provide. It is the FDIC's policy that
    insured institutions that properly manage customer relationships are neither
    prohibited nor discouraged from providing services to any customer operating in
    compliance with applicable law.
    Federal Deposit Insurance Corporation

    Dems target payday lenders. The 'Protecting Consumers from
    Unreasonable Credit Rates Act' would restrict interest rates to no more than
    36 percent in a move that would also affect companies that offer consumers other
    types of credit products. The bill was introduced Thursday by Democrats in the
    House and Senate. The move comes as federal regulators are keeping a close eye
    on payday lenders, which
    offer short-term loans to low-income borrowers who can't get credit elsewhere,
    but charge exorbitant fees and interest rates.  The Hill

    Kmart® Announces $1 or Less Check Cashing Fee Nationwide.
    Kmart is tapping into the need for people who want the convenience of cashing
    checks where they shop or do not have access to traditional
    bank accounts. Now Kmart offers the service at a dramatically better
    price to deliver even more value to its Shop Your Way members.
    The Wall Street Journal

    Rent-A-Center donated $114,509.60 to North Texas Food Bank (NTFB). The
    proceeds are a result of a week-long fundraiser by Rent-A-Center employees
    coupled with a $50,000 corporate donation. "Fighting hunger
    is a long-standing matter of importance to Rent-A-Center and its employees," said
    Kenneth Jones, public affairs manager at Rent-A-Center. "It's especially
    rewarding to support the communities we serve here in our own backyard."
    RTOHQ

    MONEY TRANSFER: The real reasons US banks are getting out of the
    remittances business. More and more US banks are getting out of the money-
    transfer business.  A series of money-laundering scandals, punished by eye-
    popping fines, has made them cautious: Bank of America, HSBC, Citigroup and JP
    Morgan have pulled out altogether.  QUARTZ

    Operation Choke Point isn't targeting industries, feds tell a skeptical
    Congress. The Department of Justice and banking regulators told a House
    committee Tuesday that Operation Choke Point is designed only
    to go after fraudulent businesses, not to pressure banks to stop providing services
    to companies in certain industries. The Independent Community Bankers of America
    said its members "are alarmed by the sweeping scope and aggressive tactics of
    Operation Choke Point." In the past two years, more than 50 banks and payment
    processors have been hit with subpoenas issued as a result of this initiative, it
    noted.
    Washington Business Journal

    Financial services and public policy experts discussed the challenges
    underserved communities face without access to mainstream financial
    services and explored opportunities for increased financial inclusion
    during a briefing co-hosted by Master Your Card and the Center for
    Financial Services Innovation. A report that examines the high costs incurred
    by families that rely on alternative financial services, and found that electronic
    payment technology can help underserved groups overcome barriers to financial
    inclusion. A family making $20,000 a year may spend up to $1,200 annually, paying
    fees and other charges.    Center for Financial Services Innovation

    MISSOURI:  Ten Percent Of Households In The St. Louis Area Don't Use
    Banks: Here's Why, And What's Being Done. Think about everything you
    spend money on in a month. There's housing, utilities, groceries, transportation, a
    night out with friends here and there. Now imagine paying for all of those things
    without using a debit card or check. That would put you among the ranks of the
    unbanked. In 2012, the term applied to 10 percent of the population in the St. Louis
    metro area. Local groups want to get 20,000 of them a bank account by the middle
    of 2015.  St,LouisPublicRadio
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ALTERNATIVE FINANCIAL SERVICE BUSINESS OWNERS
"We help you grow your business by providing you with
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service providers for the alternative financial services industry
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* Association members own over 68,000 retail locations
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