OCC: New Guidance on Installment Lending – Core Principles for Short-Term, Small-Dollar Installment Lending
OCC BULLETIN 2018-14 Summary The Office of the Comptroller of the Currency (OCC) encourages banks to offer responsible short-term, small-dollar installment loans, typically two to 12 months in duration with equal amortizing payments, to help meet the credit needs of consumers. The OCC is issuing this bulletin to remind banks1 of the core lending principles for…
OCC: Comptroller Urges Banks to Meet Consumers’ Short-Term, Small-Dollar Credit Needs
Comptroller of the Currency Joseph Otting today issued the following statement regarding the release of his agency’s bulletin encouraging national banks and federal savings associations to offer responsible short-term, small-dollar installment loans. Millions of U.S. consumers borrow nearly $90 billion every year in short-term, small dollar loans typically ranging from $300 to $5,000 to make…
OCC: Publication Discusses Profitable Bank Collaborations with Minority Depository Institutions
The Office of the Comptroller of the Currency (OCC) published the latest edition of its Community Development Investments newsletter entitled “Profitable Partnerships: Collaborating With Minority Depository Institutions.” This edition of Community Development Investments discusses how executives working for minority-owned depository banks can collaborate with large and midsize banks in ways that are profitable and beneficial…
OCC: Recognizing National Financial Capability Month at Capitol Hill
The Office of the Comptroller of the Currency (OCC) recognized National Financial Capability Month by participating in the annual Jump$tart Coalition Financial Literacy Day on Capitol Hill event today. OCC staff distributed materials to assist banks with their financial inclusion activities, including the agency’s Financial Literacy Update. Staff also highlighted the OCC’s HelpWithMyBank.gov website, which…
OCC: Report Shows Mortgage Performance Data Unchanged in Fourth Quarter 2017
Performance of first-lien mortgages remained largely unchanged during the fourth quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages. The OCC Mortgage Metrics Report, Fourth Quarter 2017, showed 94.5 percent of mortgages included in the report were current and performing at…
OCC: Publication Focuses on Single-Family Rehabilitation Financing Programs
The Office of the Comptroller of the Currency (OCC) published the latest edition of its Community Developments Investments newsletter titled “Expanding Housing Opportunities: Single-Family Rehabilitation Financing Programs.” This edition of Community Developments Investments discusses how national banks and federal savings associations can help revitalize communities by establishing housing rehabilitation loan programs. The publication describes how…