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Payday, Vehicle Title, and High-Cost Installment Loan Policy

$175.00

The purpose of this Payday, Vehicle Title, and High-Cost Installment Loan Policy Template is to address payday, vehicle title, and high-cost installment loan products, underwriting, and related lending operations of a bank, credit union, or other type of financial institution to provide a foundation of safe and sound credit decisions and adherence to all applicable laws, rules and regulations.

Description

Payday Loan Policy

The purpose of this Payday Loan Policy Template is to address payday, vehicle title, and high-cost installment loan products, underwriting, and related lending operations of a bank, credit union, or other type of financial institution to provide a foundation of safe and sound credit decisions and adherence to all applicable laws, rules and regulations.

Table of Contents

  • Purpose and Contents – Topic 1
  • Policy Statement – Topic 2
  • Definitions – Topic 3
  • Risk Management – Topic 4
  • Scope of Coverage, Exclusions, and Exemptions – Topic 5
  • Underwriting Standards – Topic 6
  • Payment Standards – Topic 7
  • Information Furnishing – Topic 8
  • Applicability of Subprime Lending Guidance – Topic 9
  • Affordability and Pricing Standards – Topic 10
  • Principal Reduction Standards – Topic 11
  • Cost Feasibility Standards – Topic 12
  • Savings Component Standards – Topic 13
  • Collaboration Standards – Topic 14
  • Financial Education – Topic 15
  • Marketing – Topic 16
  • Application and Origination – Topic 17
  • Collections, Accounts in Default, and Consumer Reporting – Topic 18
  • Third Party Relationships – Topic 19
  • Other Regulatory Concerns – Topic 20
  • Audit Policy – Topic 21
  • Staff Training – Topic 22
  • Retention of Documentation – Topic 23

Includes the CFPB’s final rule “Payday, Vehicle Title, and High-Cost Installment Loan CFPB Final Rule.”

This Payday Loan Policy Template (approximately 44 pages) is available to purchase from BankPolicies.com in Microsoft® Word format for $175.00.

NOTE: The complete contents of this product are also included in the Consumer Loan Policy Template.

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When updates are made you will receive detailed information regarding why the product was updated and what has changed within the product in our Product Update Notification e-mail correspondence. This enables you to make an informed decision on whether to make any changes to the policy or procedure you implemented for your financial institution from the revised template.

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