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ASA investigates payday loans that break rules served by Google

The Advertising Standards Authority (ASA) is investigating several reported examples of Google allowing ads from “predatory lenders”. The findings follow a report published in the Observer on Sunday which found that 24 advertisements had been paid for by 12 advertisers, including loan companies and credit brokers. Google’s stated practices prevent ad sales related to financial […]

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Payment Processor That Helped Fake Bilk Discount Clubs Consumers to Pay $2.3M in FTC Case

A payment processor that allegedly helped a bogus discount club system debit tens of millions of dollars from consumers without authorization will have to pay $2.3 million and face a permanent ban from working with high-end customers. risk following a Federal Trade Commission lawsuit. According to the FTC’s complaint in the case, which was first […]

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Philadelphia City Council Moves Towards Nation’s First City Bank

The city council voted 15-1 to pass legislation that will launch the creation of the Philadelphia Public Financial Authority on Thursday. The entity is supposed to provide loans and improve access to credit and other financial services to disadvantaged communities. It is also seen as a first step towards the city creating its own municipal […]

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CFPB gets payday rule restoration challenge

By Katryna Perera (January 14, 2022, 7:24 PM EST) – A DC federal judge on Friday dismissed a case against the US Consumer Financial Protection Bureau regarding the agency’s decision to repeal capacity underwriting requirements for reimbursement for payday lenders, despite arguments from community advocates that the agency used poor analysis to justify the rollback. […]

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The battle for the payday lending industry begins

The battle over a proposed new payday loan rule began on Thursday, with supporters saying it would protect needy borrowers and opponents warning it would reduce access to credit and threatening legal action. The rhetorical skirmishes began when the Consumer Financial Protection Bureau released a plan that would require providers of payday loans, auto title […]

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City Council Leads Battle Against Payday Lenders – By Offering Its Own Loans | Payday loans

Tthe city of Sheffield will, on Monday, launch a range of loans for distressed residents in a retaliation against high-interest deals from Provident Financial, Brighthouse and Wonga. The move, he claims, will save its poorest residents £ 20million in just one year. The new financial services brand, called Sheffield Money, is backed by the city […]

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Can digitization really close the global inequality divide?

“Digital disruption creates a historic opportunity to reshape finance,” according to a report by the United Nations Working Group on Digital Financing for the Sustainable Development Goals (SDGs) earlier this year, which was set up to make recommendations on how digitization could accelerate the financing of the SDGs. There is widespread optimism about the potential […]

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Wonga’s Compensation Claims Quadruple | Wonga

The pile of compensation claims from customers against Wonga has quadrupled to more than 40,000 since the controversial payday lender collapsed, administrators said. Wonga was placed in administration in August 2018, claiming that he could not financially cope with the more than 10,500 complaints registered with the Financial Ombudsman Service at the time. There are […]

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Smart stimulation: Cash as code

Over the past six months, central banks and governments have opened financial floodgates to deal with the economic fallout from covid-19. By April, 106 countries had introduced or adapted social protection programs, mainly cash transfers, to help people affected by the pandemic. A McKinsey analysis of 54 countries estimates that governments have committed 10 trillion […]

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Southeast Asia’s internet economy on the brink of a post-Covid boom

(Bloomberg) – Southeast Asia’s scorching internet economy has cooled during the pandemic, but online spending is expected to rebound quickly and triple to more than $ 300 billion by 2025, according to the searches by Google, Temasek Holdings Pte and Bain & Co. The value of transactions in four key areas – e-commerce, travel, media […]

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Guru Action on Payday Loan Stocks

gUru investors have always seen the potential to serve a wide range of underbanked consumers with creative financial services and unsecured short term loans. Here’s a close-up on two payday lenders, both down about 30% over 12 months. DFC Global Corp. ( DLLR ) provides alternative financial services and provides unsecured consumer loans on its […]

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Postal Payday Loans: An Insanely Bad Idea

As if by magic Every now and again, the congressman of the day reintroduces an old, tired concept that is asking to the United States Postal Service (USPS) to approve the short-term “payday” credit. The most recent redesign is offered by senator Kirsten Gillibrand (D-NY) who has recently has proposed a law for postal banks. This […]