Bank Regulators Set to Make Big Choices About Small Loans

Course they decide to handle this kind of credit could save—or cost—Americans billions

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The nation’s three Federal Deposit Insurance Corp. (FDIC), Federal Reserve Board, and Office of this Comptroller associated with Currency (OCC)—have consented to pursue joint action on small-dollar financing, according to FDIC Chairman Jelena McWilliams. Up to now, many banking institutions have never provided installment that is small as a result of regulatory doubt, but an statement from all of these agencies making clear their objectives could considerably raise the marketplace for options to payday and comparable high-cost loans.

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