OCC Needs to Provide More Guidance on Small-Dollar Lending

Banking Industry Expresses Lukewarm Enthusiasm for Small-Dollar Lending
– SNL Financial

Manatt’s Richard Gottlieb, co-chair of the firm’s financial services group, was quoted by SNL Financial for an article on the banking industry’s lack of enthusiasm for small-dollar lending.

Gottlieb explained that banks of all sizes could seize the opportunity to offer small-dollar loans, but not before the Office of the Comptroller of the Currency clarifies exactly what is and is not permitted, perhaps through more guidance.

“It won’t be overnight,” he said.