A consumer coalition voiced support to federal financial regulators attempts to prevent payday lenders from using the electronic check system to debit their customer's checking accounts for loan payments.
Group of groups call for regulator attention to payday lenders using automatic check debits.
Credit unions, banks will be examined to make sure they are preventing unlicensed payday transactions.
Credit unions talk a good game about wanting to serve low-income populations.
Credit unions talk a good game about wanting to serve low-income populations. But do they really? And would regulators let them?
Personal loans still offer niche, participants say, and a way to serve members while competing with payday lenders.
In order to succeed in the 21st century, credit unions cannot afford to not serve the enormous and growing population of financially underserved consumer.
FactorTrust CEO Greg Rable says question is whether credit unions can afford not to serve the financially underserved.
Alabama credit union says the difference lies in how operation will work to move customers to membership, traditional savings and credit products.
New director Richard Cordray holds first field hearing, followed by session with credit union leaders, in Birmingham, Ala.