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Federal Banking Regulators Unite to Encourage Responsible Small-Dollar Lending

Federal Banking Regulators Unite to Encourage Responsible Small-Dollar Lending

May 20, 2020, the Federal Reserve Board (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), any office of the Comptroller associated with Currency (“OCC”), while the nationwide Credit Union management (“NCUA”) (together, the “Agencies”) released principles that are joint to encourage supervised banks, cost savings associations, and credit unions to supply accountable small-dollar loans to both customers and smaller businesses (“Joint Principles”). The Joint Principles unify recent, differing approaches taken thus far by each Agency in order to foster the providing of small-dollar credit items by supervised institutions that are financial. Read the rest of this entry »