Pressure mounts on FDIC, Fed to follow OCC’s small-dollar lead
After the Office of the Comptroller of the Currency stated in their May bulletin that banks are now authorized to compete with payday lenders there have been questions as to whether other regulators will follow suit. At the same time there are questions as to whether banks will want to compete in the payday lending space at all. Now, if other Federal agencies such as the FDIC and the Federal Reserve come out in support of this new initiative then that could lead to more banks jumping in to the space. Source.