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Banking regulators propose guidance on deposit advance products
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Banking, Consumer Protection
Friday, April 26, 2013
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The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency unveiled proposed guidance on deposit advance loans. The proposal came just one day after the Consumer Financial Protection Bureau released a report likening the products to payday loans and outlining the potential consumer risks associated with these short-term, small-dollar offerings. Read on to learn about the guidance.
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