The Office of the Comptroller of the Currency (OCC) is rescinding guidance released in 2013 on deposit advance products because the Consumer Financial Protection Bureau’s newly finalized small-dollar/payday lending rule overlaps its own.
“The final rule regarding short-term, small-dollar loans submitted to the Federal Register by the Consumer Financial Protection Bureau necessitates revisiting the OCC guidance,” Acting Comptroller of the Currency Keith A. Noreika said in a statement.
Read on for more details about the OCC’s move and what it will mean for lenders who are within its supervision.