Each depositor insured to at the very least $250,000 per insured bank
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Tips for Payday Lending (Revised 2015) november
Purpose This guidance provides details about payday lending, a specific types of subprime lending, and supplements and clarifies previously granted guidance about such programs, such as the July 2003 tips for Payday Lending. 1 It defines 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 high-risk nature of payday financing plus the significant development of this system.