Federal Financial Regulators Urge Banks to Make Small-Dollar Loans
Federal financial regulators are encouraging banks, credit unions, and other financial institutions to offer responsible small-dollar loans to consumers and small businesses during the coronavirus crisis.
Small-dollar loans -- which are typically between $300 and $5,000 -- can help Americans with cash-flow needs, unexpected expenses, or income disruptions during this period of economic hardship, according to a joint statement issued by the Federal Reserve Board, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp. (FDIC), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC).
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Source Fool.com
