February 22, 2019
Catherine Brennan quoted in Bank Business article on community banks and payday lending
Bank Business interviewed partner Catherine Brennan for a recent article on how community banks may now be able to offer consumers an alternative to payday loans from non-banks. In May 2018, the Office of the Comptroller of the Currency (OCC) issued a bulletin encouraging banks "to offer short-term, small dollar installment loans, typically two to 12 months in duration with equal amortizing payments," said Catherine.
Catherine added, "In all programs, the OCC cautions that its member banks should offer lending products in a manner that ensures fair access to financial services and fair treatment of consumers and complies with applicable laws and regulations."
Catherine primarily assists investors in the consumer financial services and alternative business funding sectors. She engages in credit due diligence on behalf of investors in fintech firms, bank partnership platforms, small business lenders, merchant cash advance companies, consumer finance companies, title loan companies and payday lenders.
Click here to read the full Bank Business article.