Loan products are consistent with safe and sound banking, treat customers fairly, and comply with applicable laws and regulations.
Financial institutions effectively manage the risks associated with the products they offer, including credit, operational and compliance.
Loan products are underwritten based on prudent policies and practices governing the amounts borrowed, frequency of borrowing and repayment requirements.
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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