Federal Deposit Insurance Corporation

Federal Deposit Insurance Corporation

Each depositor insured to at the very least $250,000 per insured bank

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Financial Institution Letters

Recommendations for Payday Lending

Purpose This guidance provides information on payday lending, a certain types of subprime lending, and supplements and clarifies previously released guidance about such programs, such as the July 2003 recommendations for Payday Lending. 1 It defines security and soundness and conformity factors for examining and supervising state nonmember organizations that have payday financing programs.

This guidance is necessitated by the risk that is high of payday financing together with significant development of the product. It defines the FDIC’s expectations for wise risk-management methods for payday financing activities, especially pertaining to levels, money, allowance for lease and loan losings, classifications, and protection of customers. 继续阅读“Federal Deposit Insurance Corporation”