In testimony before Congress on Thursday, the Deputy Comptroller of the Currency asserted the OCC’s support of more short-term small dollar loans by their national banks.
Barry Wides (who is a nice guy) spent most of his time extolling efforts by member banks to provide credit through secured credit cards, overdrafts, and short-term installment loans.
Poor people are exactly the ones that banks are moving off their rolls lately with (more…)
Although the payday lenders would prefer that it was otherwise, poor people have plenty of better options for getting past a short-term cash emergency.
It turns out that people without liquid assets still have a means of getting by. A bit of research from George Washington University listed the six most common ways that participants in their survey said that they “get (more…)
Advance America CEO Patrick O’Shaughnessy tried to link his payday loans with recent research about cash constraints
among many households. In an earnings call with investors on July 29th, he said:
“Our customers virtually all of them have a banking relationship, choose from a variety of credit options offered by any number of financial services providers. Ultimately, their decisions are based on value, service, reliability and convenience. They turn to Advance Americabecause ourservice does suit their needs.
As one customer in the You Might Be Surprised campaign told us, the reality of it is that you are not always going to have what you need. And so sometimes as working adult, you know that you have a responsibility to provide for your family. And if it requires you needing to get that help, then that’s an alternative sometimes you have to take. You don’t always want to ask your family to borrow money, you don’t always want to go to a friend, you ultimately want to have a second option.
Green Dot is still doesn’t own Bonneville Bancorp. In February 2010 (16 months ago), Green Dot agreed to buy Bonneville Bancorp for $15.7 million. Bonneville is a very small bank in Provo, Utah. Green Dot is buying the bank with cash. There was some initial upheaval about the transaction (from me) that this was a shadow transaction that allowed Wal-Mart to buy a charter. Steve Streit settled those concerns through a very direct outreach to advocates. Some advocates took the step of sending a letter to the Federal Reserve which rescinded their initial protest against the acquisition. Comments closed last summer, but the Federal Reserve still has not (more…)
Bank Talk RSS Feed
