The Office of the Comptroller of the Currency (OCC), a national bank regulator, said yesterday that it encourages financial firms to begin offering loans to be repaid over two to 12 months for amounts typically ranging from $300 to $5,000. This move was outlined in an OCC bulletin and is a reversal from views held by the previous leadership at the agency. Several banks have expressed an interest in developing new small-dollar products. Source.
