Patrick McHenryChairman

Washington, May 20, 2020 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the Office of the Comptroller of the Currency (OCC), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and National Credit Union Administration’s (NCUA) joint guidance on small-dollar lending:

“Millions of Americans facing financial hardship rely on small-dollar, short-term lending. Now more than ever, I’m glad to see regulators take action to ensure struggling families have access to every option to cover unexpected costs. Today’s move to streamline guidance for our financial institutions will provide greater flexibility to increase competition and choice in the small-dollar market. I will continue to work to ensure we conduct proper oversight of the industry and provide borrowers with the support and options they need.”