COVID-19 Joint Guidance Small Dollar Lending Summary
The Federal Reserve, the FDIC, the NCUA, the OCC and the CFPB (the “Agencies”), in response to COVID-19 and its adverse impact on customers and operations of banks, savings associations and credit unions (“financial institutions”), have issued in the month of March several statements encouraging financial institutions to meet the financial services needs of their customers and members in areas affected by COVID-19.
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