Each depositor insured to at the least $250,000 per insured bank
Instructions for Payday Lending (Revised 2015) november
Purpose This guidance provides information regarding payday lending, a specific types of subprime lending, and supplements and clarifies previously granted guidance about such products, like the July 2003 recommendations for Payday Lending. 1 It defines security and soundness and conformity considerations for examining and state that is supervising organizations which have payday financing tools.
This guidance try necessitated by the risky nature of payday financing additionally the significant development of the product. It defines the FDIC’s objectives for wise risk-management tactics for payday financing tasks, especially with regard to levels, money, allowance for lease and loan losings, classifications, and safeguards of people. (more…)