The Center for Responsible Lending has published a study titled "Out of Balance" (PDF) saying that "In a system enormously out of balance, consumers pay $17.5 billion in fees for $15.8 billion in abusive overdraft loans. In addition, the report finds that debit card overdrafts are now the single largest source of overdraft fees." See Jim Bruene's commentary on this issue.

Claus Lehmann writes for Springwise about PPdai, a new peer-to-peer lending business in China saying that "PPdai primarily aims to standardize and facilitate loans between family and friends, which are more common in China than personal loans from banks."

The Official Google Checkout Blog announces a new gadget that can be added to your personalized iGoogle homepage: Shop with Google Checkout that "will feature fun top-10 lists of products available through Google Checkout. We'll be updating the gadget every day with new lists and products, so you can get a daily dose of entertainment as you browse and shop using Checkout."

UATP has announced that it is helping to enable PayPal payments for online airline ticket purchases and has successfully launched the first client, Northwest Airlines, on June 28.   » Continue Reading

PayPal has announced that PayPal Data Services, Inc. is opening a new technology development center in Austin, Texas and plans to hire hundreds of local technical professionals in the next three years. PayPal Data Services, Inc. is a wholly-owned subsidiary of PayPal, Inc., employing technology and engineering professionals who are helping to build PayPal’s global payment platform. The Austin American-Statesman covers the PayPal story from a local angle - reporting that "yet another California company could not resist the draw of Austin."   » Continue Reading

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