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Agencies Urge Banks and Thrifts to Evaluate dangers with Vendors Engaged In Practices seen as Abusive To people

Agencies Urge Banks and Thrifts to Evaluate dangers with Vendors Engaged In Practices seen as Abusive To people

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Joint Launch

Workplace of this Comptroller for the Currency Workplace of Thrift Supervision

WASHINGTON any office for the Comptroller for the Currency (OCC) and Office of Thrift Supervision (OTS) today alerted nationwide banking institutions and federal thrifts that the agencies have actually significant security and soundness, conformity and consumer security issues with banking institutions and thrifts getting into contractual plans with vendors to fund alleged “title loans” and “payday loans.”

The OCC and OTS each released directions that mirror a constant approach that is supervisory handling the potential risks connected with title lending and payday lending in nationwide banking institutions and federal thrifts.