CBA Statement on Interagency Small-Dollar Guidance

Allison Heimberg

CBA Statement on Interagency Small-Dollar Guidance

 

WASHINGTON, D.C. – CBA President and CEO Richard Hunt issued the following statement after the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued guidance for offering responsible small-dollar loans to meet short-term credit needs:

 

“CBA is pleased the federal agencies are encouraging responsible small-dollar loans for both consumer and small business purposes.

 

“Americans do not have the funds to cover emergency expenses and the longer hourly workers go without regular pay or small businesses are forced to shut their doors due to COVID-19, the more exacerbated the problem will become. Previous guidance issued by regulators years ago cut off banks’ ability to offer customers short-term liquidity.

 

“Banks are already working with consumers and small businesses in need. This guidance will help banks more readily adapt to meet demand during the pandemic and after the immediate impact is over.”

                                                                      

The joint guidance is available here.

 

 

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.