WASHINGTON–The FDIC is seeking comment as part of a “Request for Information” (RFI) on consumer demand for small dollar lending products at federally insured banks and savings associations.
Specifically, it said it is also seeking comment on the supply of small-dollar credit products currently offered by banks and what the agency can do “to better enable banks to offer responsible, prudently underwritten credit products to meet consumer demand.”
“While it would be optimal if all Americans could meet their financial needs without the need to borrow money or sell something, studies have shown that unfortunately that is not the reality for many Americans,” said FDIC Chairman Jelena McWilliams in a release. “Consumers benefit when small-dollar credit products are available from banks.”
The FDIC said it will take comments for 60 days on its RFI after its publication in the Federal Register.