Deposit Advances

News & Analysis as of

Academics challenge data used in CFPB auto title loan report

Tomorrow, in conjunction with a field hearing on small dollar loans, the CFPB is expected to issue its proposed rule addressing single-payment payday and auto title loans, deposit advance products, and certain “high cost”...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 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

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

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

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

CFPB Zeroes in on Payday Loans

During the past year, the CFPB has engaged in an in-depth review of short term and small dollar loans, specifically payday loans extended by non-depository institutions and deposit advance products offered by depository...more

Financial Services Bulletin: Action At The CFPB, OCC, FDIC, And Fed

On Thursday, April 25, 2013, the Office of the Comptroller of the Currency (the "OCC") and the Federal Deposit Insurance Corporation (the "FDIC") proposed guidance and the Board of Governors of the Federal Reserve System (the...more

Financial Services Legislative and Regulatory Update -- April 29‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; and Executive Branch. Excerpt from Leading the Past Week - The past week could be best described by one word. Chaos. In the House, a scheduled...more

FDIC and OCC Propose Limits on Deposit Advance Loans

On April 25 the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) proposed for public comment supervisory guidance to institutions subject to their jurisdictions (i.e.,...more

OCC and FDIC proposed guidance could effectively ban deposit advance loans

Last Thursday, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation proposed guidance on deposit advance loans. The Federal Reserve Board declined to join the OCC and FDIC and instead...more

FDIC Proposed Guidance on Deposit Advance Products

On April 25, the FDIC issued proposed guidance relating to deposit-advance products and consumer protection risks. Comments on the proposed guidance must be received within 30 days of publication in the Federal Register....more

Orrick's Financial Industry Week in Review - April 29, 2013

In This Issue: Financial Industry Developments: CFPB Proposed Clarifications on Qualified Mortgage Rules; SEC Credit Ratings Roundtable; FDIC Proposed Guidance on Deposit Advance Products; Rating Agency Developments; RMBS...more

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