OCC Extends Comment Period on Deposit-Related Consumer Credit Products Guidance

WASHINGTON — The OCC submitted a notice to the Federal Register to extend the comment period on proposed guidance for deposit-related consumer credit products.  The comment period has been extended 30 days to August 7, 2011.

The proposed guidance addresses concerns related to product disclosure and enrollment; legal compliance; program availability and prudent eligibility standards; prudent limitations on product costs and usage; ongoing monitoring and risk assessment; and management oversight. Appendixes to the proposed guidance illustrate the application of these principles to two specific consumer credit products—automated overdraft protection products and deposit advance products.

Related Link

• Federal Register Notice (PDF)