Bank regulators reportedly plan to crack down on payday-style loans

04/23/2013 | Wall Street Journal, The

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. reportedly will issue guidance to banks limiting payday loans and direct-deposit advance loans. The regulators are expected to set a limit on the number of loans made to a single customer and to require that banks evaluate borrowers' ability to repay the loans. The Consumer Financial Protection Bureau plans to take action against payday loans issued by nonbank lenders.

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