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Should the US payment system have digita...

The payment system in the United States is efficient and coupled with deposit insurance provided by the extremely secure Federal Insurance Deposit Corporation. Nevertheless, our payment system is facing challenges. According to the Federal Reserve, more than seven million, or 5% of households, are still unbanked. Nearly 20% have bank accounts, but still rely on […]

Is San Antonio FloatMe a Safer Alternati...

FloatMe, a San Antonio tech startup that gives workers cash advances on their next paycheck, said it has increased $16.2 million from investors during its last fundraising. Overall, the startup has raised $49.1 million in funding since June 2019, including $25 million in debt funding, according to Crunchbase, which tracks investments in tech companies. FloatMe’s […]

At the heart of the fight for banks to b...

At a time when the big banks getting easy approval for profitable mergers, say some California community groups, not so fast. Dozens of them seek to block US Bank’s bid to acquire Union Bank unless the former cancels $90 billion for charitable loans and donations to low-income areas of the state and communities of color. […]

Credit regulator withdraws action agains...

The National Credit Regulator withdrew its request to revoke Moneyline Financial Services’ registration as a money lender. Mountain was found to recklessly extend credit to consumers, most of whom were recipients of social subsidies. The company is a subsidiary of Net1. Net1 was the owner of the company which had been hired by the South […]

Charges removed from properties of victi...

The Financial Conduct Authority (FCA) has obtained a High Court order to remove hundreds of HM Land Registry charges, notices and restrictions registered against consumer properties by an illegal money lender Dharam Prakash Gopee. The Financial Conduct Authority (FCA) has successfully obtained a High Court order to remove around 625 charges, notices or restrictions registered […]

New rule asks if borrowers can afford pa...

Lenders offering payday loans and other small advances to cash-strapped consumers must first determine whether borrowers can afford to repay the debt under a long-awaited federal rule finalized Thursday. The rule, passed by the Consumer Financial Protection Bureau, would also reduce repeated attempts by lenders to debit payments from borrowers’ bank accounts, a practice that […]

Moneylender Provident will stop offering...

Moneylender Provident Financial has decided to close its home loan division, as the Covid pandemic hit its recovery efforts. Provident is one of the largest lenders in the Irish market. The British firm, a subprime lender since its inception in 1880, said it planned to put the managed business into liquidation or consider a sale […]

Taking inspiration from fintechs, banks ...

A small number of banks have started to offer advance direct deposit – a move that will cost them revenue in the short term but could help them preserve market share and boost their public image in the long term. This service, sometimes called prepayment, allows customers to access their paycheck a day or two […]

Former door-to-door money lender ‘surpri

Steve barras Provident, which recently withdrew from the market, said it would direct those affected by the closure of their mortgage division to their local credit union. Steve Barras, Business Development Manager for Just Credit Union, said: “While Provident was a controversial high-cost lender, we welcome their gesture in recommending credit unions as an alternative […]

The SA money lender now accepts NFTs as ...

Lamna Financial co-founder Charles Meyerowitz. South Africa based asset backed lender Lamna Financial claims to be one of the first financial services companies in the world and the first in Africa to offer loan advances against non-fungible tokens (NFTs). The registered credit provider offers short-term asset-backed loans for high net worth individuals. The company offers […]

PayPal-backed money lender Tala raises $...

Tala, a Santa Monica, Calif. Based startup that is building a credit profile to provide unsecured loans to millions of people in emerging markets, has raised $ 110 million in a new round of funding to enter in India’s booming fintech space. The five-year startup’s Series D funding was led by RPS Ventures, with GGV […]