• OCC and FDIC Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products
  • December 20, 2013
  • Law Firm: Jones Day - Cleveland Office
  • The Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) (collectively, “the agencies”) each recently issued final supervisory guidance titled Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products (“Guidance”), which describes the agencies’ expectations for deposit advance products. A deposit advance product is a type of small-dollar, short-term credit product offered to customers who maintain a deposit account, reloadable prepaid card, or similar deposit-type account at a bank.