Joint Release/Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans — 2020-05-20

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Joint Release National Credit Union Administration Office of the Comptroller of the Currency Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans The federal financial institution regulatory agencies today issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers' short-term credit needs. The Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency recognize the important role that responsibly offered small-dollar loans can play in helping customers meet their ongoing needs for credit from temporary cash-flow imbalances, unexpected expenses, or income shortfalls, including during periods of economic stress, natural disasters, or other extraordinary circumstances such as the public health emergency created by COVID-19.