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Home » News » CFPB Denies Advance Deposit Appeal; OCC, FDIC Issue Guidance
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CFPB Denies Advance Deposit Appeal; OCC, FDIC Issue Guidance

December 2, 2013
The CFPB and the payday lending industry continue to lock horns over the bureau’s controversial white paper on payday and deposit advance loans, most recently with the bureau rejecting “in its entirety” an appeal from the Community Financial Services Association, national payday lending trade group, which is seeking a retraction of the white paper. Back in April, the bureau put out the white paper, which was based on a study it did of 15 million storefront payday loans and 100,000 accounts eligible for deposit advances. Among its findings...
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