OCC Final Regs on Direct Deposit Advances

The Office of the Comptroller of the Currency (OCC) on November 26, 2013, issued final “Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products”. This guidance addresses safe and sound banking practices and consumer protection in connection with deposit advance products.

The guidance outlines appropriate underwriting policies and practices, including establishing customers’ eligibility and assessing their ability to repay while allowing borrowers to continue to meet typical recurring and other necessary expenses.

This final supervisory guidance is applicable to all OCC-supervised institutions.

Complete guidance may be found in the Federal Register.