the aim of the pilot task will be determine the short-term financing methods that will continue to work well on the long haul and share that information with banking institutions in the united states, in accordance with Luke Reynolds, chief of this FDIC’s Outreach and Program Development Section.

“We additionally want to encourage innovation to get banking institutions to try out new services,” Reynolds says.

People Union Bank in Shelbyville, Ky., is amongst the banking institutions taking part in the FDIC program.

“We were simply because numerous ( of our clients) had been planning to payday loan providers and having to pay ridiculously high interest levels and costs,” says Kimberly Davis, very very first vice president of advertising and item development at people Union Bank. Read more