Statement Encouraging Responsible Small-Dollar Lending to Consumers and Small Businesses in Response to COVID-19
The FDIC, Consumer Financial Protection Bureau, the Federal Reserve Board, the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) (collectively, “the agencies”) recognize the potential for the Coronavirus Disease (referred to as COVID-19) to adversely affect financial institution customers. The agencies are issuing a statement to encourage financial institutions to offer responsible small-dollar loans to consumers and small businesses.
Statement of Applicability to Institutions Under $1 Billion in Total Assets:
This Financial Institution Letter applies to all FDIC-Supervised Institutions.