Regulators take different approaches on payday lending

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. issued expected guidance Thursday aimed at direct-deposit advance loans. The Federal Reserve did not join in the strongly worded warning, instead sending a three-page letter to banks and bank supervisors that focuses on "significant consumer risks" of payday loans and "the potential for elevated compliance risks" for banks making such loans.

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Star Tribune (Minneapolis-St. Paul, Minn.) · Wall Street Journal, The

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