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FDIC Clarifying its Approach to Banks Offering Products and Services, such as Deposit Accounts and Extensions of Credit, to Non-Bank Payday Lenders
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11/16/2015
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Description:The FDIC is reissuing FIL-14-2005, "Payday Lending Programs: Revised Examination Guidance," and its attachment, "Revised Guidelines for Payday Lending," (collectively, the 2005 Payday Lending Guidance) to ensure that bankers and others are aware that it does not apply to banks offering products and services, such as deposit accounts and extensions of credit, to non-bank payday lenders. Financial institutions that can properly manage customer relationships and effectively mitigate risks are neither prohibited nor discouraged from providing services to any category of business customers or individual customers operating in compliance with applicable state and federal laws.
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Content Notes:See revised FIL-14-2005, which applies to all FDIC-supervised financial institutions that make payday loans.
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Subject:
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Dataset Download URL:fdic.gov/news/financial-institution-letters/2015/fil15052.pdf
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Format:
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Release Date:11/16/2015
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Update Date:11/16/2015
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Withdrawn Date:03/19/2021
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Agencies Involved:Federal Deposit Insurance Corporation (FDIC)
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Fdic Employee Involved:Rae-Ann Miller
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Source:FDIC Website
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Memorandum To:FDIC-Supervised Banks (Commercial and Savings)
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FIL Number:FIL-52-2015
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