Nacha News

Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

FDIC Leading Effort to Address Small Dollar Lending by Financial Institutions

The FDIC plans to present the two other banking regulators with its ideas toward creating a unified policy on small-dollar loans. The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Federal Reserve all have different policies in place regarding small dollar loans, meaning that different banks operate under different rules. The FDIC has a draft document it will share with the Fed and the OCC. Details are not available if this will be drafted as a rule or a guidance but the intention is to have a unified operating regulatory environment for all banks in the small dollar lending business.