The Consumer Financial Protection Bureau’s (CFPB) proposed payday rule delay is an “important and courageous first step,” according to Comptroller of the Currency Joseph Otting.
Otting recently issued a statement supporting the bureau’s recent proposal to rescind requirements that lenders make certain underwriting determinations before issuing short-term small-dollar loans.
Read on for more from Otting’s statement on the proposal, which he says would allow lenders to re-enter the market with better regulated, priced and structured products.
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