Comptroller of the Currency Joseph Otting said he supports the Consumer Financial Protection Bureau’s proposal to rescind certain provisions of its rule on payday, vehicle title and certain high-cost installment loans.
The CFPB would drop the rule’s requirements that lenders make certain underwriting determinations before issuing such loans, which the bureau said would reduce access to credit.
Otting, who is also the acting director of the Federal Housing Finance Agency, said the proposal will allow responsible lenders to compete in the small-dollar market.
Read Otting’s Statement
Read CFPB Proposal