Improving Knowledge of and Serving Better the Clients of Microfinance
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Oregon’S Bank Fraud Victims
Forced Arbitration and Wells Fargo: The CFPB’s Rule Protects Oregon’s Bank Fraud Victims A new rule will soon curb the use of forced arbitration “rip-off clauses” by Wall Street banks and predatory lenders. The Consumer Financial Protection Bureau (CFPB) rule will prohibit the fine print of credit card, bank account, student loan, auto loan, payday loan, and other financial contracts from containing forced arbitration clauses with class action bans. The rule has widespread support, but bank lobbyists are pressuring Congress to block it. Forced arbitration clauses take away your day in court when companies violate the law. Instead of a judge, a private arbitrator decides in a secretive proceeding with no appeal. When forced arbitration is combined with a class action ban, neither a court nor the arbitrator can hold a company accountable for widespread wrongdoing. Justice is often completely denied, as few people can afford to fight small or complicated disputes by themselves. Wells Fargo, which has 95 branches in Oregon, has repeatedly engaged in illegal conduct and aggressively uses forced arbitration. Fake accounts: Wells Fargo opened up to 3.5 million fake accounts -- including 35,202 in Oregon -- from 2002 to 2015 without customers’ consent. People have tried to sue Wells Fargo since 2013, but the bank used forced arbitration to kick them out of court and prevent class actions, keeping the massive fraud out of the spotlight and allowing it to continue. Wells Fargo has continuously tried to use forced arbitration to block class actions over the fake accounts, even after being called out by members of Congress. -
What Happens to Microfinance Clients Who Default?
What Happens to Microfinance Clients who Default? An Exploratory Study of Microfinance Practices January 2015 LEAD AUTHOR Jami Solli Keeping clients first in microfinance CONTRIBUTORS Laura Galindo, Alex Rizzi, Elisabeth Rhyne, and Nadia van de Walle Preface 4 Introduction 6 What are the responsibilities of providers? 6 1. Research Methods 8 2. Questions Examined and Structure of Country Case Studies 10 Country Selection and Comparisons 11 Peru 12 India 18 Uganda 25 3. Cross-Country Findings & Recommendations 31 The Influence of Market Infrastructure on Provider Behavior 31 Findings: Issues for Discussion 32 Problems with Loan Contracts 32 Flexibility towards Distressed Clients 32 Inappropriate Seizure of Collateral 33 Use of Third Parties in Collections 34 Lack of Rehabilitation 35 4. Recommendations for Collective Action 36 ANNEX 1. Summary of Responses from Online Survey on Default Management 38 ANNEX 2. Questions Used in Interviews with MFIs 39 ANNEX 3. Default Mediation Examples to Draw From 42 2 THE SMART CAMPAIGN Acknowledgments Acronyms We sincerely thank the 44 microfinance institutions across Peru, AMFIU Association of Microfinance India, and Uganda that spoke with us but which we cannot name Institutions of Uganda specifically. Below are the non-MFIs who participated in the study ASPEC Asociacion Peruana de as well as those country experts who shared their knowledge Consumidores y Usuarios and expertise in the review of early drafts of the paper. BOU Bank of Uganda Accion India Team High Mark India MFIN Microfinance Institutions -
Accord Mortgage Rates for Existing Customers
Accord Mortgage Rates For Existing Customers Toyless Pail smites that vaunters airgraph illusively and inlaces sexily. Sometimes unnoted Marion halos her deuteranope irrelatively, but appropriative Kaspar phonating farcically or manipulating meaningfully. Erny usually jammed abortively or disgruntled contemptibly when fatuitous King disembarrass misguidedly and unfeelingly. Planning to renew their mortgage deal with current deal and end close the handle three months or has already ended and several want these renew your. Accord a new writing to Buy products Mortgage Introducer. Users enjoy free initial conversation about rates for mortgage existing accord customers all. Used 2021 Honda Accord Sedan For Sale Leith Ford. Accord offers borrowers flexibility with discounted SVR mortgages. Who is willing to advice and hall an individual view whom the client's circumstances. Accord cuts product fees and mortgage rates Your Mortgage. Income ratio a calculation of consumers for existing mortgage is an array of the many different brands and halving product transfer products or services are thinking about? And chuck at then-current rates until death call SiriusXM at 1-66-635-2349 to proceed See. Their award winning product range has resulted in less net promoter scores from customers and partners alike 9 open scholarship on top performing emails. Seamless experience in time buyers with a great longer with either Excellent credit scores 19 deposit and both same time employed. Learn puppy the 2021 Honda Accord Sedan for basement at AutoNation Honda. Compare 100 loan book value mortgages which can provide a loan with the. Used 201 Honda Accord Sedan For Sale Raleigh. Friends might be maintained for calling accord income ratio is, you for mortgage, we were to do? The Code of Federal Regulations of the United States of America. -
Cash Advance Loans Againts Receipts
Cash Advance Loans Againts Receipts Mark never tritiate any arrises redecorate tetanically, is Bertie business and unvanquished enough? Sexual Kit captions imperfectly, he scurries his furiosos very insensately. Will remains slanted after Hermon whisk autobiographically or impels any vagrancy. If you to your service marks and straightforward business loans from noncapital financing companies permit or appropriate financing over the advance cash loans and other arbitration uses reasonable range of legal services focused on a multiplier of Change of due date will require Unit Administrator or Designate signature authorization. Does that mean they are the best option for your business? Finally, you will then get your confirmation screen. If you find that you are continually in debt after having started on a cycle of merchant cash advances, then it could be that you are overextended in credit. Payroll, unemployment, government benefits and other direct deposit funds are available on effective date of settlement with provider. Access funds the day you file. Small businesses are booming all over the US, thanks to business cash advances. Requests for extension should be forwarded to the issuing office prior to advance due date. When petty cash may not be used. Merchant Cash Advances: Easy money or debt trap? Cash flows from capital and related financing activities include acquiring and disposing of capital assets, borrowing money to acquire, construct or improve capital assets, repaying the principal and interest amounts and paying for capital assets obtained from vendors on credit. Once approved, CPV is forwarded to Finance Officer. You and Us, Our goal is to learn about and address Your concerns and, if We are unable to do so to Your satisfaction, to provide You with a neutral and cost effective means of resolving the dispute quickly. -
Comments of the National Consumer Law Center (On Behalf of Its
Comments of the National Consumer Law Center (on behalf of its low-income clients) Regarding Notice of Proposed Rulemaking Electronic Funds Transfer Act (Overdraft Loans) Federal Reserve System 12 C F R Part 205 Docket No. R-1343 March 30, 2009 These comments are submitted by the National Consumer Law Center, on behalf of its low income clients, footnote 1 The National Consumer Law Center, Inc. (N C L C) is a non-profit Massachusetts corporation, founded in 1969, specializing in low-income consumer issues, with an emphasis on consumer credit. On a daily basis, NCLC provides legal and technical consulting and assistance on consumer law issues to legal services, government, and private attorneys representing low-income consumers across the country. N C L C publishes a series of sixteen practice treatises and annual supplements on consumer credit laws, including Truth In Lending, (6th ed. 2007) and Cost of Credit (3rd ed. 2005) as well as bimonthly newsletters on a range of topics related to consumer credit issues and low-income consumers. N C L C attorneys have written and advocated extensively on all aspects of consumer law affecting low income people, conducted training for tens of thousands of legal services and private attorneys on the law and litigation strategies to deal predatory lending and other consumer law problems, and provided extensive oral and written testimony to numerous Congressional committees on these topics. NCLC's attorneys have been closely involved with the enactment of the all federal laws affecting consumer credit since the 1970s, and regularly provide comprehensive comments to the federal agencies on the regulations under these laws. -
Overdraft: Payment Service Or Small-Dollar Credit?
March 16, 2020 Overdraft: Payment Service or Small-Dollar Credit? Funding Gaps in Consumer Finances Figure 1. Annual Interest and Noninterest Income One of the earliest documented cases of bank overdraft U.S. Commercial Banks, 1970-2018 ($ millions) dates back to 1728, when a Royal Bank of Scotland customer requested a cash credit to allow him to withdraw more money from his account than it held. Three centuries later, technologies, such as electronic payments (e.g., debit cards) and automated teller machines (ATMs), changed the way consumers use funds for retail purchases, transacting more frequently and in smaller denominations. Accordingly, today’s financial institutions commonly offer point-of-sale overdraft services or overdraft protection in exchange for a flat fee around $35. Although these fees can be large relative to the transaction, alternative sources of short-term small-dollar funding, such as payday loans, deposit advances, and installment loans, can be costly as well. Congress has taken an interest in the availability and cost of providing consumers funds to meet Source: Federal Deposit Insurance Corporation (FDIC). their budget shortfalls. Legislation introduced in the 116th Congress (H.R. 1509/S. 656 and H.R. 4254/S. 1595) as well Banks generate noninterest income in a number of ways. as the Federal Reserve’s real-time payments initiative could For example, a significant source of noninterest income impact consumer use of overdraft programs in various comes from collecting fees for deposit accounts services, ways. (See “Policy Tools and Potential Outcomes” below such as maintaining a checking account, ATM withdrawals, for more information.) The policy debate around this or covering an overdraft. -
Payday Lending in America: Profitability and Regulation in the Payday Lending Market
Payday Lending in America: Profitability and Regulation in the Payday Lending Market by Orion Wilcox A thesis submitted to the faculty of the University of Mississippi in partial fulfillment of the requirements of the Sally McDonnell Barksdale Honors College. Oxford May 2014 Approved by __________________________________________ Advisor: Professor Josh Hendrickson __________________________________________ Reader: Professor Mark Van Boening __________________________________________ Reader: Professor Thomas Garrett Dedicated to my father Tony William Powers. ii Abstract Payday lending is a highly contentious form of credit. Consumer advocates often argue for strict regulation or complete banning of the industry based on the idea that payday lending rates are usurious. Providers of payday loans argue that their product offers access to credit that would not be available otherwise. In order to reconcile this debate, I analyze financial data on the largest payday lender in the country Advance America. Furthermore, I examine the 2008 Arkansas payday lending law to analyze the impact of the ban on bounced check fees, overdraft charges, and Non-Sufficient Funds charges at state chartered Arkansas banks. I show that, contrary to the conventional wisdom, margins in the payday lending market are actually quite slim with Advance America profiting only $2.10 per $100 lent during the most profitable year in the data set. Secondly, I show that following the Arkansas payday loan ban, income from service charges at banks in the state rose by an average of $390,000 per quarter. This analysis adds credence to the argument that bank fees may be substitutable for payday loans and questions whether or not payday lending bans are welfare improving. -
Payday Lending, Bank Overdraft Protection, and Fair Competition at the Consumer Financial Protection Bureau
2013-2014 PAYDAY LENDING, BANK OVERDRAFT 235 PROTECTION, AND FAIR COMPETITION AT THE CFPB PAYDAY LENDING, BANK OVERDRAFT PROTECTION, AND FAIR COMPETITION AT THE CONSUMER FINANCIAL PROTECTION BUREAU ROBERT L. CLARKE* AND TODD J. ZYWICKI** Table of Contents Introduction ....................................................................... 236 I. Regulation of Payday Lending and Overdraft Protection ..........................................................................240 II. Payday Loans and Bank Overdraft Protection Are Used by Similar Customers for Similar Reasons ........................ 245 A. A Profile of Payday Loan Customers .......................... 246 B. A Profile of Overdraft Protection Customers .............. 254 III. Competition Between Payday Lending and Overdraft Protection ..........................................................................257 A. Benefits of Competition Within Product Markets ....... 258 B. Benefits of Competition Across Product Markets: Payday Lending and Overdraft Protection .................. 265 C. History Lessons on Regulation and the Value of Preserving Fair Competition in Consumer Credit Markets ........................................................................ 268 IV. Payday Lending and Overdraft Protection Raise Similar Potential Consumer Protection Concerns ......................... 274 V. Conclusion: Fair Competition and Consumer Protection . 279 * Senior Partner, Bracewell & Giuliani LLP; former Comptroller of the Currency. ** George Mason University Foundation Professor of -
GAINING SCALE in MICROCREDIT Can Banks Make It Happen?
GAINING SCALE IN MICROCREDIT Can banks make it happen? A report on two workshops organised by the Directorate-General for Enterprise and Industry European Commission Enterprise and Industry GAINING SCALE IN MICROCREDIT Can banks make it happen? A report on two workshops organised by the Directorate-General for Enterprise and Industry European Commission Enterprise and Industry ENTERPRISE & INDUSTRY MAGAZINE The Enterprise & Industry online magazine (http://ec.europa.eu/enterprise/e_i/index_en.htm) covers issues related to SMEs, innovation, entrepreneurship, the single market for goods, competitiveness and environmental protection, better regulation, industrial policies across a wide range of sectors, and more. The printed edition of the magazine is published three times a year. You can subscribe online (http://ec.europa.eu/enterprise/e_i/subscription_en.htm) to receive it — in English, French or German — free of charge by post. This publication is fi nanced under the competitiveness and innovation framework programme (CIP) which aims to encourage the competitiveness of European enterprises. Europe Direct is a service to help you fi nd answers to your questions about the European Union Freephone number (*): 00 800 6 7 8 9 10 11 (*) Certain mobile telephone operators do not allow access to 00 800 numbers or these calls may be billed. More information on the European Union is available on the Internet (http://europa.eu). Cataloguing data can be found at the end of this publication. Luxembourg: Publications Offi ce of the European Union, 2010 ISBN 978-92-79-14433-2 doi:10.2769/36362 © European Union, 2010 Reproduction is authorised provided the source is acknowledged. -
What Is Overdraft Privilege? If You Should Inadvertently Overdraw Your Checking Account, We First Look to See If You Have a Line of Credit (LOC) with Available Funds
125 N. Fulton Street Ithaca, NY 14850 t: (607) 273-4611 e: [email protected] What is Overdraft Privilege? If you should inadvertently overdraw your checking account, we first look to see if you have a Line of Credit (LOC) with available funds. A Line of Credit will automatically advance funds to your checking account to cover transactions by check, ACH (electronic transactions), BillPay and Alternatives VISA Debit Card. If you do not have a LOC (or your LOC limit is reached), we then look to see if you have funds available in your primary “00” savings account. Overdraft transfers from savings only cover checks and electronic transactions. Overdraft transfers from savings do not cover Alternatives VISA Debit Card transactions. If the transaction cannot be paid by a LOC or savings transfer, then the Overdraft Privilege balance may be used to cover the transaction. As with any overdraft, Overdraft Privilege carries a $25 fee per transaction. If your items are paid, this service will save you the inconvenience of a returned item, as well as the fee normally charged to you by merchants for items returned to them. Overdraft Privilege is not a loan, and its privilege is discretionary – it may be withdrawn by Alternatives FCU at any time. You will still be charged the standard $25 Non-Sufficient Funds (NSF) or Courtesy Fee each time you overdraw your account. If multiple items are presented against your account on the same day, each item will be assessed the fee. Payment of an overdraft does not obligate us or create an agreement or course of dealing on our part to allow overdrafts. -
FAQ Frequently Asked Questions
FAQ Frequently Asked Questions Single-Family Housing Guaranteed Loan Program Origination USDA is an equal opportunity provider, employer, and lender. Frequently Asked Questions (FAQ) This document consists of answers to commonly asked questions on the Rural Development Single Family Housing Guaranteed Loan Program Technical Handbook (HB-1-3555). The policy information contained in this guide is based on the applicable Regulations and Technical Handbook, and all lending decisions should adhere to the guidance contained within. You can find a complete copy of the Regulation, 7 CFR Part 3555, and the Technical Handbook on the Rural Development Directives Website, located at www.rd.usda.gov/sites/default/files/hb-1-3555.pdf. General loan scenario or policy questions may be sent to the Guaranteed Policy, Analysis and Communications Branch at [email protected]. Additional lender resources, including up to date information on file turn times and a full listing of contacts based on topic, can be found on the Guaranteed Lender Website located at https://www.rd.usda.gov/page/sfh-guaranteed-lender. Critical program information such as policy updates, funding status, and automation changes are sent by email through GovDelivery. Lenders are encouraged to sign up for GovDelivery notices at: https://public.govdelivery.com/accounts/USDARD/subscriber/new. Thank you for supporting the Single-Family Housing Guaranteed Loan Program! Revised March 30, 2021 Page 2 Table of Contents Appraisal and Property Requirements 4 Appraisal (HB-1-3555, Chapter 12) -
Chapter 9: Income Analysis 7 Cfr 3555.152
HB-1-3555 CHAPTER 9: INCOME ANALYSIS 7 CFR 3555.152 9.1 INTRODUCTION The lender is responsible to confirm applicants and households meet eligibility criteria for the Single Family Housing Guaranteed Loan Program (SFHGLP). Lenders must calculate and document annual, adjusted, and repayment income. The guidance provided applies to both manually underwritten loans and loans that utilize the Agency’s automated underwriting system, GUS. SECTION 1: ELIGIBILITY INCOME 9.2 OVERVIEW The SFHGLP assists very-low, low, and moderate-income households. Therefore, the lender must certify that any household that requests a loan guarantee does not exceed the adjusted annual income threshold for the applicable state and county where the dwelling is located. The Agency provides income eligibility information in Appendix 5 of this Handbook to lenders and updates the limits as they are revised. This section assists lenders to analyze income types, complete income calculations (annual, adjusted, and repayment), and document the income with acceptable verifications. Documentation of income calculations should be provided on Attachment 9-B, or the Uniform Transmittal Summary, (FNMA FORM 1008/FREDDIE MAC FORM 1077), or equivalent. Attachment 9-C provides a case study to illustrate how to properly complete the income worksheet. A public website is available to assist in the calculation of annual and adjusted annual income at: http://eligibility.sc.egov.usda.gov/eligibility/. 9.3 ANNUAL INCOME [7 CFR 3555.152(B)] Annual income will include all eligible income sources from all adult household members, not just parties to the loan note. The annual income for the household will be used to calculate the adjusted annual household income.