Each depositor insured to at the very least $250,000 per insured bank
Tips for Payday Lending (Revised 2015) november
Purpose This guidance provides information on payday lending, a certain types of subprime lending, and supplements and clarifies previously granted guidance about such programs, like the July 2003 recommendations for Payday Lending. 1 It defines security and soundness and conformity factors for examining and supervising state nonmember organizations which have payday financing programs.
This guidance is necessitated by the risky nature of payday financing as well as the significant development of this system. It describes the FDIC’s objectives for prudent risk-management techniques for payday financing tasks, especially pertaining to concentrations, money, allowance for loan and lease losings, classifications, and security of customers. Continue Reading →