Consumers Charged Nearly $3 Billion in Fees Annually from Predatory Lenders According to Study
In a study released June 2023 by the Center for Responsible Lenders, analysts found that borrowers are charged nearly $3 billion annually for single-payment, payday installment, and car-title loans, reports Esteban Camargo.
FDIC: Percentage of Unbanked Households Dropped in 2021
Survey reveals less American households are without an account at either a bank or credit union, with the pandemic a main driver of the change, reports David Baumann of CUCollaborate.
USPS Banking Pilot Faces Legality Issues From Multiple Opponents
In September of 2021, the United States Postal Service announced it would begin a new program at a few select offices wherein people could cash their paychecks or business checks in exchange for gift cards. Participants could cash checks up to $500. The program at the time was met with...
Bill Expanding Credit Union Fields of Membership Passed by House
On Wednesday, June 15, the House passed the Expanding Financial Access for Underserved Communities Act which will give federal credit unions the ability to expand their fields of membership to include underserved communities, reports CUSO Magazine’s Esteban Camargo.
Is It Time for Credit Unions to Get Their Bank On?
With overdraft fees in the crosshairs, certified Bank On accounts are gaining recognition. Esteban Camargo explains what these accounts are and how credit unions can implement them at their institutions.
Only Six People Have Participated in Postal Banking Pilot
David Baumann of the Washington Credit Union Daily reports that a mere six people have participated in the United State Postal Service’s postal banking pilot program, USPS officials said.
