CFPB, Federal Agencies, State Agencies, and Attorneys General
OCC small-dollar financing bulletin: one advance but one action right straight back?
The OCC has released a bulletin (2018-14) setting forth core lending axioms and policies and techniques for short-term, small-dollar installment financing by nationwide banking institutions, federal cost savings banking institutions, and federal branches and agencies of international banking institutions.
The OCC claimed so it “encourages banking institutions to provide accountable short-term, small-dollar installment loans, typically two to one year in period with equal amortizing repayments, to assist meet up with the credit requirements of consumers. In issuing the bulletin” The bulletin is intended “to remind banking institutions of this core financing axioms for prudently managing the potential risks connected with offering short-term, small-dollar installment lending programs. Continua a leggere