The CFPB Issued the Short-term, Small-dollar Lending (payday) Examination Procedures

Short-term, small-dollar lending (payday) examination procedures

Updated Mar. 2019

Summary

These examination procedures apply to the short-term, small-dollar credit market, commonly known as payday lending. 

The procedures are comprised of modules covering a payday loan’s lifecycle, and each module identifies relevant matters for review. Prior to using the procedures, however, examiners should complete a risk assessment and examination scope memorandum. Depending on the scope, and in conjunction with the compliance management system and consumer complaint response review procedures, each examination will cover one or more of the following modules: 

  1. Marketing
  2. Application and Origination
  3. Payment Processing and Sustained Use
  4. Collections, Accounts in Default, and Consumer Reporting
  5. Service Provider Relationships 

 

 

For more information, see here:  https://www.consumerfinance.gov/policy-compliance/guidance/supervision-examinations/short-term-small-dollar-lending-payday-examination-procedures/

 

These materials were obtained directly from the Federal Government public websites and are posted here for your review and reference only.  No Claim to Original U.S. Government Works.  These may not be the most recent versions.  The U.S. Government may have more current information.  We make no guarantees or warranties about the accuracy or completeness of this information or the information linked to.  Please check the linked sources directly.

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These materials were obtained directly from the U.S. Federal Government public websites, U.S. State Government public websites, or the International Government public websites and are posted here for your review and reference only. No Claim to Original U.S. Government Works, Original U.S. State Government Works, or Original International Government Works. This information may not be the most recent version. The U.S. Government, U.S. States, or International Governments may have more current information. We make no guarantees or warranties about the accuracy or completeness of this information, or the information linked to. Please check the linked sources directly.