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Banks to Compete With Payday Lenders?
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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.
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QUOTE OF NOTE
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"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."
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Pew’s Nick Bourke on the prospect of banks issuing small-dollar loans
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Full story in The New York Times
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For more information on consumer financial security
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