The online lender, which focuses on high-earning millennials, is offering assurances that it will also serve Americans who make less money. But the company has not convinced critics, who say the plans are inadequate.

The Consumer Financial Protection Bureau sued four online tribal lenders on Thursday for illegally collecting debts in 17 states where they are prohibited by state usury or licensing laws.

Congressional action is necessary to give financial regulators the tools they need to promote responsible innovation.

Banks are losing wealthier underbanked customers to alternative lenders — an undercurrent that is halting progress in expanding credit access for all.