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Federal Deposit Insurance Corporation

Federal Deposit Insurance Corporation

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

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Financial Institution Letters

Instructions for Payday Lending

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

This guidance is necessitated by the risky nature of payday financing and also the significant development of the product. It defines the FDIC’s objectives for wise risk-management methods for payday financing tasks, especially pertaining to levels, money, allowance for loan and rent losings, classifications, and security of customers. Continue reading “Federal Deposit Insurance Corporation”