Regulatory Alerts2020-03-30
Added · Updated
SR 20-7: Joint Statement Encouraging Responsible Small-Dollar Lending in Response to COVID-19
The Federal Reserve and four other federal financial regulatory agencies issued a joint statement encouraging banks, savings institutions, and credit unions to offer responsible small-dollar loans to consumers and small businesses during the COVID-19 pandemic. This guidance aims to help customers meet credit needs arising from temporary cash-flow imbalances, unexpected expenses, or income shortfalls caused by economic stress. Federal Reserve-supervised institutions are directed to distribute this letter to their supervisory and examination staff and may contact their primary Federal Reserve Bank for questions regarding the guidance.