Any office regarding the Comptroller associated with Currency is shaking within the realm of short-term financing by motivating banks to supply high-interest price loans to subprime borrowers as an option to payday loan providers.
In a significant break from previous regulators, Comptroller Joseph Otting stated Wednesday he wishes banking institutions to originate loans of $300 to $5,000 to borrowers with FICO ratings of 680 or below, with few other parameters beyond «sound underwriting.» The newest OCC tips could start a $90 billion market to institutions that are financial. Читать далее «OCC provides banking institutions light that is green take on payday loan providers»