We found much to criticize when the CFPB issued its White Paper this past April on payday and deposit advance loans.  However, we remain hopeful that the CFPB will make good on its commitment that any rule-making on these matters will be evidence-based. 

Unfortunately, the OCC and FDIC have not taken that approach.  Instead, the two agencies have carried out their threat in their proposed guidance to kill deposit advance loans by issuing final guidance that may make it impossible for banks they supervise to continue offering these products on a large-scale basis, if at all.  We have prepared a legal alert discussing the final guidance.