Deposit Advances

News & Analysis as of

Comptroller Curry Calls On Banks To Offer Payday Loan Alternatives

On April 1, Comptroller Thomas Curry delivered remarks in which he urged banks to offer alternatives to “high cost payday loans.” The Comptroller defended his agency’s guidance on deposit advance products and stated that...more

CFPB to hold March 25 payday loan field hearing

The CFPB has announced that it will be holding a field hearing on payday loans on March 25, 2014 in Nashville, Tennessee. The event will feature remarks by Director Cordray and testimony from consumer groups, industry...more

Financial Services Law - Feb 10, 2014

Swipe Fee Settlement Yields More Litigation - Although the parties reached a $7.25 billion class action settlement of the antitrust suit brought by merchants against Visa and MasterCard over swipe fees, the case is far...more

Financial Services Law - Jan 30, 2014

Swipe Fee Settlement Yields More Litigation - Although the parties reached a $7.25 billion class action settlement of the antitrust suit brought by merchants against Visa and MasterCard over swipe fees, the case is far...more

CFPB Publishes Rulemaking Agenda

The CFPB published a semi-annual update of its rulemaking agenda. The rulemaking agenda includes a number of rulemakings on disclosures under the Home Mortgage Disclosure Act and its implementing regulation, Regulation C, the...more

Financial Services Law -- Dec 09, 2013

#Badidea: JPMorgan Chase Stumbles on Twitter - JPMorgan Chase’s recent activity on Twitter provides an example of the need for financial institutions to use caution when using social media....more

OCC, FDIC Finalize Deposit Advance Guidance

On November 21, the OCC and the FDIC separately issued guidance that establishes numerous expectations for institutions offering deposit advance products, including with regard to consumer eligibility, capital adequacy, fees,...more

OCC and FDIC Follow Through on Threat To Kill Deposit Advance Loans

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have carried out their threats in their proposed guidance to kill deposit advance loans. On November 21, 2013, the two...more

Federal Banking Agencies Finalize Guidance on Deposit Advance Products

In conjunction with the FDIC, the OCC, finalized guidance highlighting supervisory concerns and expectations for deposit advance products. The guidance largely mirrors the proposal the agencies published in April 2013. In...more

OCC and FDIC Issue Guidance on Deposit Advance Loans

On November 21, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued final supervisory “guidance” to supervised financial institutions that offer or may consider...more

FDIC Guidance on Deposit Advance Products

On November 21, the FDIC issued final supervisory guidance to FDIC-supervised financial institutions with respect to the risks imposed by certain deposit advance products. The FDIC encourages banks to: (i) continue to offer...more

CFPB rejects (again) trade group efforts seeking retraction of white paper on payday and deposit advance loans

In addition to our own criticism of the CFPB’s April 2013 White Paper on payday and deposit advance loans, the paper has drawn well-deserved fire from industry. As we reported, that fire included a June 2013 petition to the...more

Corporate and Financial Weekly Digest - Volume VIII, Issue 45

In this issue: - SEC Chair Mary Jo White Outlines Potential Changes to “Accredited Investor” Definition - CFTC Issues Final Rules for Systemically Important Derivatives Clearing Organizations - CFTC...more

August Beach Read Series: Increasing Scrutiny Of Short-Term, Small-Dollar Credit Products

The interest of regulators and enforcement authorities in short-term, small-dollar credit products – including payday loans, advance deposit products, installment loans, and more – has intensified in 2013. State and federal...more

Missouri Increases Credit Advance Fees

On July 12, Missouri enacted SB 254, which increases credit advance fees for open-end credit loans of 31 days or longer....more

Texas Adds Flexibility To Increase Fees And Charges On Consumer Loans, Cash Advances

On June 14, Texas enacted SB 1251, which grants the state Finance Commission authority to set maximum amounts for (i) administrative fees charged on consumer loans and (ii) acquisition charges on cash advances. ...more

Elizabeth Warren and Bill Nelson support OCC and FDIC on deposit advances

A friend brought to my attention a two-page comment letter from Senators Elizabeth Warren and Bill Nelson, commenting on the OCC’s proposed deposit advance guidance, the subject of a prior blog....more

A bit of balance from a consumer advocate

Jeff Sovern and I come at most issues from different sides of the street but I want to credit him for the open mind he showed in his recent blog post on deposit advance loans....more

Further comment on payday lending and deposit advances

As suggested by prior blog posts, I am no fan of the direction the CFPB, OCC and FDIC seem to be going with respect to payday and deposit advance loans. ...more

CFPB’s Consumer Advisory Board hears from payday loan consumers and other supporters

We have been critical of the failure of the CFPB’s white paper on payday and deposit advance loans to address the very real benefits of payday loans or the question whether (and when) such benefits outweigh the costs....more

Federal Reserve Board Issues Statement On Deposit Advance Products

On April 25, the Federal Reserve Board issued a policy statement on deposit advance products. The statement came on the same day that the OCC and the FDIC proposed more formal guidance for such products....more

CFPB payday and deposit advance loans white paper draws industry fire

The CFPB’s white paper on payday and deposit advance loans received well-deserved criticism in a letter to Director Cordray from the Community Financial Services Association of America (CFSA), a national trade organization...more

Federal Regulators Target Payday Loans, Deposit Advance Products

On April 24, the CFPB published a white paper on payday loan and deposit advance products that claims to show those products lead to a “cycle of high-cost borrowing.” On April 25, the FDIC and the OCC proposed guidance...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 3, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - CREDIT CARDS - E-COMMERCE - PRIVACY/DATA SECURITY -...more

New Restrictions On Bank “Payday Loans”

Federal bank regulatory agencies have served notice that deposit advance products, sometimes known as bank “payday loans,” will soon be subject to significant new restrictions and heightened supervisory scrutiny. In...more

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