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Joint Release Agencies Propose Rule to Limit Impact of Large - FDIC

Joint Release Agencies Propose Rule to Limit Impact of Large - FDIC 2025

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The document contains comments from various consumer advocacy organizations to the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) regarding proposed guidance on bank payday lending. It emphasizes the need for strict underwriting requirements to prevent borrowers from falling into a cycle of debt due to high-cost payday loans. The comments highlight that many banks do not adequately assess borrowers' ability to repay loans, leading to repeated borrowing and significant financial harm, particularly among vulnerable populations such as seniors and communities of color. The organizations support measures that limit the number of loans, require verification of repayment ability, and cap interest rates at 36% APR. They urge regulators to enforce these guidelines rigorously to protect consumers and ensure safe banking practices.

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Click ‘Get Form’ to open it in the editor.
Begin by reviewing the introduction section, which outlines the purpose of the proposed guidance. This will help you understand the context and importance of your input.
Move on to the recommendations section. Here, you can provide your comments on each recommendation made by the agencies regarding payday lending practices.
Fill out any specific fields related to your personal information or organizational affiliation as required in the form.
Incorporate your insights on how these proposed rules may impact consumers, especially vulnerable populations like seniors and communities of color.
Review your responses for clarity and completeness before submitting. Ensure that all sections are filled out according to your perspective on the proposed rule.

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