VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
On May 20, 2020, the federal financial institution agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency) issued joint lending principles for providing small-dollar loans to consumers in a responsible manner. Extraordinary circumstances, such as those being experienced now due to the pandemic, present an opportunity for financial institutions to offer small-dollar loans to consumers in order to address cash-flow imbalances and income shortfalls. The four-page joint lending principles document provides characteristics for responsible small-dollar loan programs. The document also provides the following three core lending principles for small-dollar loan products:
In developing effective loan policies and risk management practices for small-dollar lending, the agencies expect them to address loan structures, pricing, underwriting, marketing, disclosures, servicing and safeguards.
For more information on small-dollar lending compliance, contact Doeren Mayhew’s compliance specialist.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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