Responsible Small Dollar Loans Archives

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FDIC to Repeal 36% Rate Cap and Bank Payday Loan Guidance, but Banks Should Not Take the Bait

May 20, 2020

New bank regulator guidance could permit balloon-payment loans but emphasizes responsible lending WASHINGTON, D.C. – As our nation grapples with the economic fallout of the COVID-19 pandemic, the Federal Deposit Insurance Corp. (FDIC) announced plans today to repeal two guidances that protect consumers against high-cost bank payday loans over 36%, and four federal bank regulators…

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Civil Rights and Consumer Groups Condemn “Emergency” Regulatory Guidance that Allows Banks to Make Payday Loans

March 26, 2020

Banks should not embrace this terrible idea, especially as they are borrowing for free Washington, D.C. – Today, under the cover of a national crisis, the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Federal Reserve Board (FRB), and the National Credit Union Administration issued…

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Credit Union Regulator Expands High-Cost Loan Program Without Needed Safeguards, Say Consumer Groups

September 20, 2019

For Immediate Release: September 19, 2019 Contacts: National Consumer Law Center: Jan Kruse [email protected] Center for Responsible Lending: Matthew Kravitz [email protected] NCUA votes for changes to Payday Alternative Loan program; while addressing some key concerns of community groups, overall the vote is a step in the wrong direction WASHINGTON, D.C. – Today, the National Credit Union…

Read More about Credit Union Regulator Expands High-Cost Loan Program Without Needed Safeguards, Say Consumer Groups

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FDIC to Repeal 36% Rate Cap and Bank Payday Loan Guidance, but Banks Should Not Take the Bait

Civil Rights and Consumer Groups Condemn “Emergency” Regulatory Guidance that Allows Banks to Make Payday Loans

Credit Union Regulator Expands High-Cost Loan Program Without Needed Safeguards, Say Consumer Groups

Support NCLC