FDIC Advisory Committee to Highlight Results of FDIC Small-Dollar Loan Pilot

The Federal Deposit Insurance Corporation's (FDIC's) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, June 24, to discuss the results of the FDIC's small-dollar loan pilot program (the pilot). The pilot, launched in 2008, was a two-year case study designed to illustrate the feasibility of banks offering affordable small-dollar loans as an alternative to high-cost credit products, such as payday loans and fee-based overdraft programs. Outside sources estimate payday loan volume at more than $40 billion a year and overdraft fees at more than $38 billion a year.