Fintech Fears in Small-Dollar Guidance Much Ado About Nothing

Fintech Fears in Small-Dollar Guidance Much Ado About Nothing

May 29, 2018, Bloomberg Law

Michael Nonaka is quoted in a Bloomberg Law article regarding guidance from the Office of the Comptroller of the Currency on small-dollar installment loans. The OCC was likely making an observation and statements of fact “rather than trying to write into the policy any discouragement of any bank-fintech partnership," says Nonaka. But the provision “does stick out” in guidance otherwise intended to encourage banks back into an area of lending where consumer needs aren’t being met.