Bank-offered deposit advance items have actually recently end up being the focus of proposed guidance that is supervisory federal regulators.

Bank-offered deposit advance items have actually recently end up being the focus of proposed guidance that is supervisory federal regulators.

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Any office regarding the Comptroller for the Currency (“OCC”) and also the Federal Deposit Insurance Corporation (“FDIC”) have actually released almost identical proposals for supervisor instructions, plus the CFPB has issued a white paper that raises the outlook of future action. When it comes to actions associated with the OCC and FDIC (collectively the “Agencies”), the effect of the proposals, if used, would seriously constrain banking institutions’ power to provide deposit advance items and help their clients.

The agencies fail to provide any clear evidence to support their claim while the proposals claim to be based on safety and soundness concerns.

Banking institutions have actually provided the products for quite some time, including one for almost 2 full decades. Читать далее «Bank-offered deposit advance items have actually recently end up being the focus of proposed guidance that is supervisory federal regulators.»