Regulators finalize rules to protect consumers from predatory “bank payday loan” products

WASHINGTON, D.C. – November 25, 2013 – (RealEstateRama) — Last week, the Office of the Comptroller of Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released final rules governing bank deposit advance loans. These products are similar to payday loans because of their triple-digit interest rates, short terms with balloon payments, and lack of underwriting requirements before approval.