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For Immediate Release
May 23, 2018
ABA Media Contact: Mike Townsend
(202) 663-5471 
Email: mtownsend@aba.com 
Follow us on Twitter: @ABABankers

ABA Statement on OCC’s Small-Dollar Lending Bulletin

By Virginia O’Neill, senior vice president of ABA’s Center for Regulatory Compliance

​“ABA welcomes Comptroller Otting’s leadership in recognizing that banks have an important role to play in serving consumers’ small-dollar credit needs. There is a clear demand for small-dollar loans, and today’s bulletin is a step in the right direction to help banks offer customers a variety of short-term credit products. We appreciate that the principles outlined in the bulletin are not prescriptive and encourage banks to design their own underwriting and product features that promote access and treat customers fairly.
 
“We are also encouraged that the OCC intends to work with the Bureau of Consumer Financial Protection as it reviews the Payday Lending Rule to ensure OCC-supervised banks can engage in small-dollar lending. We look forward to working with these agencies to remove regulatory impediments that stand in the way of banks’ ability to meet consumers’ short-term credit needs.  Allowing banks to innovate will lead to more diverse products and greater consumer choice.”
 
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans. Learn more at aba.com.

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