OCC provides banking institutions green light to take on payday loan providers

OCC provides banking institutions green light to take on payday loan providers

Customer teams generally speaking seen deposit advance as predatory; past regulators considered them inconsistent with security and soundness.

While Pew has over over and over repeatedly argued that bank-issued small-dollar loans would be a much better substitute for customers whom require credit and whom presently search for other lenders, other customer advocacy teams reacted adversely to your OCC statement. Continue reading “OCC provides banking institutions green light to take on payday loan providers”