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Consumer Lending

Welcome to the News View for "Consumer Lending".

Here, on these archive pages, you'll find all of the articles on Payments News for Consumer Lending listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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February 18, 2014

Headline News from PaymentsNews.com - February 18, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

On the Web:

On the Wires:

Updates from Glenbrook:

October 22, 2013

Alliance Data And Dwolla Announce Multi-Year Agreement

Dwolla logo 140pxDwolla and Alliance Data Systems have announced signing a new, multi-year agreement for "Alliance Data's Retail Services business to provide a cardless private label credit product for the Dwolla payment network."

Credit is not new—but providing it on a real-time network that removes interchange fees, supports the evolution of credit, and provides a means of cardless payment—is, and that's what Dwolla Credit does," said Ben Milne, chief executive officer and founder of Dwolla.

"Alliance Data's deep experience and the true interest they have in our company will not only lend a new level of convenience to our community of users, but will also give them front-row seats to what we believe will be some really great innovations to credit."

Alliance Data will provide the newly launched credit program, called Dwolla Credit. Once approved, consumers can use Dwolla Credit immediately and for future purchases at participating businesses found in Dwolla's new Storefront directory (www.dwolla.com/storefront). Interested consumers and businesses can register for access at realtime.dwolla.com.

October 15, 2013

Headline News from PaymentsNews.com - October 15, 2013

On Twitter:

On the web:

On the wires:

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join us for our Glenbrook Payments Boot Camp on October 23rd/24th in New York City!
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer". Elizabeth will also be speaking on New Payments Regulation in Brazil at the International Money Transmitter Conference in Miami 4-7, 2013.
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

September 23, 2013

Headline News from PaymentsNews.com - September 23, 2013

On the web:

  • PayPal Nears Deal for Braintree Payments - Wall St. Journal Digits - "The deal for Braintree would give PayPal access to data and lucrative transaction fees from Braintree’s expanding network, which currently processes more than $10 billion annually for companies like OpenTable, Uber Technologies and Airbnb."
  • Mastercard, Visa to cut French card fees: watchdog - Reuters - "Both Visa and Mastercard will cut interbank fees to around 0.28 percent of the transaction value from about 0.5 percent currently..."
  • The Real Reason the Poor Go Without Bank Accounts - The Atlantic Cities - "The banking industry needs to develop different fee and service structures designed to accommodate lower income depositors in much the same way banks currently provide VIP treatment to high-net-worth individuals."
  • Financial Education and the Debt Behavior of the Young - Federal Reserve Bank of New York - "More than three-quarters of U.S. households bear consumer debt, yet we have little understanding of the relationship between financial education and the debt behavior of U.S. consumers. In this paper, we study the effects of exposure to financial training on debt outcomes in early adulthood."

On the wires:

Updates from Glenbrook:

  • Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
  • Glenbrook's Allen Weinberg and Erin McCune will be at Money2020 in Las Vegas October 6-10 - please reach out to them directly to catch up in person or set up a briefing at the conference. Erin will be moderating an Invoicing, Billing & Collections panel with Bill.com CEO Rene Lacerte, Billtrust CEO Flint Lane and Billhighway Chairman Vince Thomas.
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer".
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

August 14, 2013

Headline News from PaymentsNews.com - August 14, 2013

On the web:

On the wires:

Updates from Glenbrook:

September 07, 2010

FICO Survey Finds U.S. Consumers Face Growing Credit Gap

survey_graphic.pngA recent quarterly FICO survey, conducted by the Professional Risk Managers’ International Association (PRMIA), found strong evidence of a credit gap for U.S. consumers as lenders expect credit availability to fall short of consumer demand through the end of 2010. The survey found 73% of bankers expect credit applications to increase or remain steady over the next six months. 38% expect the approval rate for credit applications to decline, while only a quarter of those surveyed expect a higher approval rate.

March 05, 2010

Fed Reports Revolving Consumer Credit Continues Decline in January

Today's G.19 Consumer Credit report from the Federal Reserve shows that revolving consumer credit continued to decline in January at a 2.3% annual rate. While still shrinking, the rate of decline has slowed significantly from 2008. Overall consumer credit grew in the month at an annual rate of 2.4%.

July 28, 2009

The Plastic Safety Net - New Report from Demos

Demos-SafetyNet_logo-140px.jpgDemos has published a new report titled "THE PLASTIC SAFETY NET - How Households are Coping in a Fragile Economy" by Tamara Draut and Jose Garcia.

From the abstract:

"While the economic recession continues to threaten the financial security of low- and middle-income households, its effects have been heightened by the reality that, even before the downturn, millions of households were experiencing difficulties meeting the most basic expenses. Now, as families experience declining home values and tightened credit markets, many are falling behind on their mortgage and credit card payments.

The following report shows how skyrocketing costs, dwindling savings, stagnant wages and medical debt have forced low and middle-income families to turn to plastic as the de-facto safety net.

The report is based on a survey conducted between April and August 2008-consisted of 1,205 phone interviews with low- and middle-income households whose incomes fell between 50 percent and 120 percent of local median income; such households comprise roughly half of all households in the country.

July 01, 2008

CFSI Releases New Research on Small-Dollar, Short-Term Credit

The Center for Financial Services Innovation has released a new paper titled “A Fundamental Need: Small-Dollar, Short-Term Credit” by CFSI’s Michael J. Herrmann and Jennifer Tescher that explores "recent trends in small-dollar value, short-term credit, placing it within the context of the longstanding demand for these loans and the successes and failures of those who have provided them. Regulatory pressure and market changes are spurring private-sector innovation in this market niche. Herrmann and Tescher identify factors that are likely to lead to success in developing and delivering new products that are profitable for the provider and fair to the consumer."

June 30, 2008

MicroBilt Invests in PRBC, Teams on Thin-File Creditors

MicroBilt and PRBC have announced are that they are "teaming to help small-to-medium (SME) enterprises and financial institutions conduct more business with an estimated 50-70 million American consumers with “thin” or no established credit histories. The two companies will merge payment data collected by MicroBilt and PRBC in PRBC’s data repository to help more consumers qualify for FICO® Expansion® scores used by lenders and financial institutions in underwriting new loans. As part of the agreement, MicroBilt will make an equity investment in PRBC." READ MORE »

April 11, 2008

US Consumer Confidence Tanks

RBC has published the latest edition of its RBC CASH (Consumer Attitudes and Spending by Household) Index reporting that 'pessimism among U. S. consumers continues to spread as Americans' sentiments concerning the future turn particularly gloomy.' READ MORE »

February 27, 2008

Recommendations for Credit Card Issuers to Mitigate Credit Risk

TowerGroup has announced new research titled "Process and Data Risks in a
Changing Economy: How Credit Card Issuers Can Protect Their Portfolios" that identifies critical steps credit card issuers can take to withstand the current credit storm, and recover more quickly when the economy normalizes.

READ MORE »

November 16, 2007

It's [likely to be] the Economy, Stupid

Business Week's cover story by Michael Mandel this week is titled "The Consumer Crunch" and reviews the issues facing the economy as a result of tightened consumer credit. "What comes next could be scary—the largest pullback in consumer spending in decades, perhaps as much as $200 billion to $300 billion, or 2%-3% of personal income. Reduced access to credit will combine with falling real estate values to hit poor and rich alike."

October 01, 2007

Citi Announces Impacts from Mortgage, Consumer Credit

Citigroup this morning announced that its third quarter financial results would be impacted by "dislocations in the mortgage-backed securities and credit markets, and deterioration in the consumer credit environment". With respect to its global consumer business, Citi said it estimates "an increase in credit costs of approximately $2.6 billion pre-tax versus the prior-year quarter due to continued deterioration in the credit environment, organic portfolio growth, and acquisitions."

August 07, 2007

BankServ Powers Lending Club P2P Lending, Borrowing Platform

BankServ has announced that Lending Club's collaborative person-to-person (P2P) lending platform is built upon BankServ's Magex Payment Platform, ACH reporting and cash management solutions.

READ MORE »

August 02, 2007

PayPal Introduces PayPal Pay Later

PayPal has announced that it is now "offering consumers more ways to pay online with PayPal Pay Later, a new convenient and secure service that allows merchants to offer promotional financing. Buyers that choose the promotional offer can defer payments for purchases on participating merchant web sites, allowing them to shop now and pay later."

READ MORE »

July 31, 2007

July 30, 2007

Upcoming Fed Conference on Consumer Credit

The Credit Slips blog reports on six research papers to be presented at the upcoming conference "Recent Developments in Consumer Credit and Payments" sponsored by the Federal Reserve Bank of Philadelphia on September 20-21.

July 06, 2007

Startup Allows Home Owners to Tap Equity Without Going Into Debt

Carolyn Said writes for the San Francisco Chronicle about San Francisco-based startup Rex & Co. - short for Real Estate and Equity Exchange. Rex allows home owners to sell a share of the future appreciation potential in their homes in exchange for an immediate cash payment to the home owner. According to the companay, "the REX Agreement is not a loan, but a real estate investment agreement in the form of a purchase option. It gives homeowners a portion of their home’s equity in cash today—in exchange for the right of REX & Co. to share in a specified percentage of the future increase or decrease in the home’s value."

March 21, 2007

Mobile Phone Loans Might Be Too Easy

This morning's NPR Morning Edition radio show included a segment titled "Cell Phone Loans Might Be Too Easy" - describing the market in Finland for taking out consumer loans via SMS messages from your mobile phone. "Nearly 20 companies have begun offering these loans since the business started in Finland two years ago."

March 19, 2007

Borrowing Money via Prosper.com

The Get Rich Slowly blog has an interesting post titled "What’s It Like to BORROW Money with Prosper?" written by Tricia (who also writes her own blog titled Blogging Away Debt) describing her experiences as a borrower using Prosper.com to find other folks willing to lend her money. She describes her experience seeking to borrow $3,500. She posted a starting interest rate she was willing to pay of 12%. As it turns out, lenders competed for her business and she ended up getting an interest rate of 9.9% from a group of 13 Prosper lenders.

March 15, 2007

Grameen America Launches with Philliou As CEO

Philip J. Philliou has been named CEO of Grameen America, Inc., a for-profit microfinance company that "provides small loans, savings programs, and other services to poor people in the United States."

READ MORE »

January 29, 2007

The Purpose Money Financial Guide For Spanish-Speaking Audiences

Purpose Money, a financial services portal owned and operated by CompuCredit Corporation, has announced the release of the Purpose Money Financial Guide, a "comprehensive, step-by-step, financial resource guide developed specifically for Spanish-speaking audiences. The Purpose Money Financial Guide offers Latinos operational knowledge of the U.S. financial system, with insider tips from financial experts, as well as practical application exercises, to help Hispanic consumers manage their finances and credit in the U.S."

READ MORE »

November 26, 2006

Spending More Than We Make

David Lazarus writes for the San Francisco Chronicle about consumer debt levels in the US - with $12.3 trillion in total consumer debt outstanding or $2.4 trillion if mortgages aren't included, according to the Federal Reserve which reports this data on a monthly basis. Lazarus goes on to remind consumers to be careful using their credit cards this holiday season - which he says "are the only consumer product for which the terms of sale can change after you sign a contract."

October 23, 2006

Alternative And Promotional Credit

Mercator Advisory Group has published a new report titled "Back To The Future With Alternative And Promotional Credit" that examines the emerging sources of promotional credit, delivered in some cases through new alternative credit providers.

READ MORE »

October 13, 2006

Doing Finance For Peace And Good

"The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2006, divided into two equal parts, to Muhammad Yunus and Grameen Bank for their efforts to create economic and social development from below. Lasting peace can not be achieved unless large population groups find ways in which to break out of poverty. Micro-credit is one such means. Development from below also serves to advance democracy and human rights." The New York Times says "microcredit, also known as microfinance, is the practice of giving or loaning seed money for small businesses to people -- often women traditionally excluded from normal financial channels -- in villages or towns across the developing world, on the theory that economic strength in a country or region can be built from the grass-roots level up."

October 11, 2006

AirTran Airways Accepts Bill Me Later

I4 Commerce has announced that AirTran Airways is offering customers the ability to pay with Bill Me Later.

READ MORE »

October 10, 2006

I4 Commerce's Bill Me Later Signs Brookstone

I4 Commerce, a provider of payment and marketing technology solutions for multichannel retailers, has announced that Brookstone is now offering customers the option to buy now and pay later with Bill Me Later. Part of I4 Commerce's PayCapture suite, Bill Me Later is a fast, convenient and secure way for Brookstone customers to pay for purchases without providing credit card information.

READ MORE »

September 05, 2006

Wells Fargo Expands Blogging With "Student LoanDown" Site

Following up on its launch earlier this year of Guided by History, a blog now focused on general disaster preparedness in the US, Wells Fargo Bank is launching a new blog called "The Student LoanDown". Wells Fargo is the first major financial services company to launch a blog that's devoted to financing college and managing student debt - and which takes advantage of the bank's almost 40 years of experience in education financing.

April 03, 2006

GM Sells Majority Interest In GMAC

General Motors Corp. has announced it has entered into a definitive agreement to sell a 51-percent controlling interest in General Motors Acceptance Corp. (GMAC) to a consortium of investors led by Cerberus Capital Management and including Citigroup and Aozora Bank. GM expects to receive approximately $14 billion in cash from this transaction over three years, including distributions from GMAC, with an estimated $10 billion by closing.

READ MORE »

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