Prudential regulators outline maxims on small-dollar financing

Prudential regulators outline maxims on small-dollar financing May 20, the FDIC, Federal Reserve Board, OCC, and NCUA issued joint concepts for providing accountable small-dollar loans. The agencies note the “important part” http://paydayloanstexas.net that small-dollar financing can play during times of financial stress, like the Covid-19 pandemic, and issued the guidance to encourage supervised banking institutions, savings associations, and credit unions to offer accountable small-dollar loans to customers and smaller businesses. The principles protect different loan structures, including open-end personal [...]

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