The goal of reducing the number of paper checks sent by and to the federal government and increasing the use of electronic payments in both directions is a worthy one. Checks sent through the mail present many issues, including their slow speed and the risks of loss, theft, and fraud. At the same time, there…
A New York Attorney General (NY AG) lawsuit shows how costly “earned wage” payday loans can be -- up to hundreds of dollars a year.
Read More about MoneyLion’s Costly “0% APR” “Earned Wage” Payday Loans
A new form of fintech payday loan offered through cash advance apps uses “tips” as a form of disguised interest. These apps claim that tips are voluntary, but they use dark patterns, actual or implied repercussions for not tipping, manipulative interfaces, behavioral and psychological tricks, and other techniques to make tips almost as certain as…
Read More about The Tricks Cash Advance Apps Use to Coerce Borrowers to “Tip”
AB 1365 by Assemblymember Garcia soared through two Assembly Committees this week; the bill moves CA forward on CalAccount – a voluntary, no-fee, no-penalty banking option for Californians SACRAMENTO– This week, the California State Assembly Committees on Banking and Labor voted overwhelmingly to pass AB 1365 (Garcia), a bill to eliminate barriers to banking for…
Consumers need clarity about their rights when companies collect, use, and monetize their payment and personal financial data. Without strong consumer protections, consumers will be harmed when that information is shared and used to make decisions about the consumer- particularly when that information may be incorrect. Consumers need to be able to correct any errors…
House votes to block CFPB’s $5 cap on big bank overdraft fees and oversight of big tech payment apps, building on tariff woes and high grocery costs.
Read More about House Republicans Ignore Rising Prices, Vote to Keep $35 Big Bank Overdraft Fees
