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ABA Statement on OCC's Small-Dollar Lending Bulletin

“ABA welcomes Comptroller Otting’s leadership in recognizing thatbanks have an important role to play in serving consumers’ small-dollarcredit needs. There is a clear demand for small-dollar loans, andtoday’s bulletin is a step in the right direction to help banks offercustomers a variety of short-term credit products. We appreciate thatthe principles outlined in the bulletin are not prescriptive andencourage banks to design their own underwriting and product featuresthat promote access and treat customers fairly.
 
We are also encouraged that the OCC intends to work with theBureau of Consumer Financial Protection as it reviews the Payday LendingRule to ensure OCC-supervised banks can engage in small-dollar lending.We look forward to working with these agencies to remove regulatoryimpediments that stand in the way of banks’ ability to meet consumers’short-term credit needs.  Allowing banks to innovate will lead to morediverse products and greater consumer choice."

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $18 trillion banking industry, which is composed of small, regional and large banks. Together, America’s banks employ more than 2 million men and women, safeguard $14 trillion in deposits and extend more than $10 trillion in loans.

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