16 jan Bank gets NAL from CFPB utilizing template that is small-dollar

Bank gets NAL from CFPB utilizing template that is small-dollar

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On November 5, beneath the CFPB’s revised no-action page (NAL) policy, payday loans Alaska the Bureau issued a NAL to a nationwide bank regarding particular small-dollar credit services and products made available from the financial institution. The Bureau approved a template in response to a request by a nonpartisan public policy, research and advocacy group for banks that would assist depository institutions in offering a standardized, small-dollar credit product under $2,500 with a repayment term between 45 days and one year as previously covered by InfoBytes, in May.

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