Guidance on Small-Dollar Loans: Federal Reserve, FDIC, NCUA and OCC Issue Interagency Lending Principles for Offering Responsible Small-Dollar Loans

Sullivan & Cromwell LLP - May 28, 2020
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On May 20, 2020, the Federal Reserve, FDIC, NCUA and OCC issued Interagency Lending Principles for Offering Responsible Small-Dollar Loans.  The Lending Principles are intended to encourage supervised banks, savings associations and credit unions to offer responsible small-dollar loans to customers for both consumer and small business purposes.