[Federal Register Volume 85, Number 143 (Friday, July 24, 2020)]
[Rules and Regulations]
[Pages 44685-44686]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-15224]
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FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Chapter III
RIN 3064-ZA17
Notice of Rescission of the Guidance on Supervisory Concerns and
Expectations Regarding Deposit Advance Products
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice of rescission of statement of policy.
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SUMMARY: The FDIC has rescinded the Guidance on Supervisory Concerns
and Expectations Regarding Deposit Advance Products.
DATES: July 24, 2020.
FOR FURTHER INFORMATION CONTACT: Ardie Hollifield, Senior Policy
Analyst, Division of Depositor and Consumer Protection, (202) 898-6638;
Karen Currie, Senior Examination Specialist, Division of Risk
Management Supervision, (202) 898-3981; Benjamin K. Gibbs, Counsel,
Legal Division, (202) 898-6726, Federal Deposit Insurance Corporation,
550 17th Street NW, Washington, DC 20429. For the hearing impaired
only, TDD users may contact (202) 925-4618.
SUPPLEMENTARY INFORMATION: On November 26, 2013, the FDIC issued final
supervisory guidance entitled ``Guidance on Supervisory Concerns and
Expectations Regarding Deposit Advance Products'' (2013 Deposit Advance
Guidance), which addressed safe and sound banking practices and
consumer protection in connection with deposit advance products.\1\ On
May 20, 2020, the FDIC, Board of Governors of the Federal Reserve
System, Office of the Comptroller of the Currency, and the National
Credit Union Administration issued Interagency Lending Principles for
Offering Responsible Small-Dollar Loans (Interagency Lending
Principles) to encourage supervised banks, savings associations, and
credit unions (collectively, ``financial institutions'') to offer
responsible small-dollar loans to customers for both consumer and small
business purposes. As discussed in its Financial Institution Letter
transmitting the Interagency Lending Principles (FIL-58-2020), the FDIC
has rescinded the
[[Page 44686]]
2013 Deposit Advance Guidance \2\ and replaced it with interagency
guidance to provide uniform principles for all financial institutions.
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\1\ 78 FR 70552-01 (November 26, 2013).
\2\ FIL-58-2020, Interagency Guidance for Responsible Small-
Dollar Loans (May 20, 2020).
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Federal Deposit Insurance Corporation.
Dated at Washington, DC, on July 9, 2020.
James P. Sheesley,
Acting Assistant Executive Secretary.
[FR Doc. 2020-15224 Filed 7-23-20; 8:45 am]
BILLING CODE 6714-01-P