OppLoans Applauds Newly-Released Interagency Lending Principles for Banks and Credit Unions Offering Responsible Small-Dollar L****

OppLoans, a leading financial technology platform that powers banks to serve middle income, credit-challenged consumers, applauds the release of the Interagency Lending Principles on small-dollar lending by the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Federal Reserve Board and the National Credit Union Administration.

“We believe the newly-released federal regulatory guidance on small-dollar lending represents a major step in the right direction for the 60 million middle-income, credit-challenged consumers who need access to l**** but are unable to get them through traditional lenders.

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We also applaud the interagency principles, specifically the endorsement of third-party partnerships between banking institutions and technology providers who can provide best-in-class marketing acquisition, customer service and technology to assess risk beyond mere credit scores to facilitate broader small-dollar lending access. This guidance will create more options for the millions of consumers who need access to credit.

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Additionally, the inclusion within this guidance of core principles for consumer protection in small-dollar lending – namely the focus on the borrowers’ ability to repay, and for loan payments to amortize principal – amount to common sense ways to go about balancing expanded access with protecting consumers. We see principles such as these as ultimately creating more access thoughtfully through banks and credit unions for the millions of credit-challenged Americans,” states Jared Kaplan, CEO, OppLoans.

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