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Michigan’s November 2022 Ballot to Include Fair Lending Proposal Capping Payday Loan Interest Rates

CFPB Monitor

Proponents of the Payday Loan Interest Rate Cap ballot initiative in Michigan met the June 1, 2022 deadline to appear on the November 2022 ballot in the state. Michiganders for Fair Lending – the initiative’s sponsor – collected over 570,000 signatures of which it submitted (after a quality control process) 405,265.

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Leader of Michigan community bank abruptly resigns

American Banker

Sterling has been dealing with revenue issues after shutting down its biggest lending program over underwriting concerns. Thomas Lopp cited health reasons for leaving Sterling Bancorp less than six months after becoming CEO.

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PayPal (Maybe) Pulls Ahead Of The SMB Lending Pack

PYMNTS

Plus, there is new evidence that the middle-market business community fared particularly well in the first quarter. Not only do the figures suggest ramped-up competition between alternative and traditional lenders, but also competition within the alternative and marketplace lending community itself. Beyond the U.S.,

Lending 168
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Growing a mortgage portfolio: Encourage borrowers to bank local

Abrigo

With mortgage rates down in the US , many homebuyers are looking locally to their community banks to finance their new, potentially life-changing purchase. In the spirit of the go local movement, new data from Sageworks Bank Information peeked in on 10 cities to see which community banks were making an impact on local mortgage lending.

Cleveland 150
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Fifth Third Taps Accion To Reach More SME Borrowers

PYMNTS

Fifth Third Bank is focusing its SME lending reach through a new partnership with nonprofit lender Accion. Reports late last week said the bank will work with SME lending portal Accion, a nonprofit company, to facilitate the financing of these companies across five states: Florida, Indiana, Illinois, Michigan and Ohio.

Indiana 109
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Community financial institutions – get personal to stay competitive

NCR

It’s an interesting time to be a community financial institution (FI) right now. For smaller community banks and credit unions in the US, it might seem like a difficult time to do business, with so much change, intensifying competition and regulatory compliance to contend with. Challenges for community financial institutions.

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Gulf Winds’ Data Driven Approach To Member Retention

PYMNTS

CUs are working to build community ties, especially during the holiday season. Nine member CUs of the Southern Michigan Chapter of Credit Unions each donated $25,000 to a charity that pays off medical collection debts. This shift will allow many CUs to double or triple their lending capabilities, after taking effect in January.

Data 131