CFPB, Federal Agencies, State Agencies, and Attorneys General
OCC lending that is small-dollar: one step of progress but one action straight right straight back?
The OCC has given a bulletin (2018-14) establishing forth main financing maxims and policies and practices for short-term, small-dollar installment financing by nationwide banking institutions, federal cost cost savings banking institutions, and federal branches and agencies of international banks.
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 aid meet up with the credit requirements of customers. Continue reading