Prescriptive limitations on bank-offered deposit advance items will result in less competition.

Prescriptive limitations on bank-offered deposit advance items will result in less competition.

Customer need is obvious: Bank clients consistently enroll high satisfaction prices for deposit advance services and products. At an industry hearing held by the CFPB on January 19, 2012 in

Birmingham, Alabama, Director Richard Cordray remarked, “I would like to be clear about a very important factor:

We notice that there was a necessity and a need in this nation for crisis credit.” 6 This statement rings more real today than ever. Customers demand access to short-term, small-dollar options, often utilizing the solution as an income administration device. They appreciate the product’s convenience whenever along with a deposit account and recognize the worth in using services provided by their bank of preference. Read more