Pew Provides Input to FDIC on Promoting Affordable Small Loans

Letter shares research findings and strategies to help banks offer safe credit products

Pew Provides Input to FDIC on Promoting Affordable Small Loans

In response to a request for information from the Federal Deposit Insurance Corp., The Pew Charitable Trusts provided comments on encouraging financial institutions to offer affordable small-dollar loans.

Pew’s letter included a summary of its research about bank and nonbank small loans and recommended standards to protect consumers and make it easier for banks to provide safe installment credit at prices six to eight times lower than payday lenders.