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The Pew Charitable Trusts
Consumer Financial Security
Banks to Compete With Payday Lenders?
Millions of bank customers borrow from high-cost payday lenders every year. Now, the Office of the Comptroller of the Currency is encouraging banks to offer small installment loans as safer, more affordable alternatives—potentially saving borrowers billions of dollars annually.
HOW IT CAN WORK
QUOTE OF NOTE
"If banks begin offering these loans according to strong safety standards, it could boost financial inclusion and be a game-changer for the millions of Americans who use high-cost loans today."
Pew’s Nick Bourke on the prospect of banks issuing small-dollar loans
Full story in The New York Times
IN THE MEDIA
Your Neighborhood Bank May Now Offer Short-Term, Small-Dollar Loans
CNBC
OCC Guidance Urging Banks to Offer Small-Dollar Loans Gets Mixed Reaction
Credit Union Today
Federal Agency Urges Banks to Compete With Payday Lenders
Consumer Affairs
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