Payday Loan Policy
This Payday Loan Policy addresses payday, vehicle title, and high-cost installment loan products, underwriting, and related lending operations of a bank, credit union, fintech company, 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
- Applicability of Subprime Lending Guidance – Topic 8
- Affordability and Pricing Standards – Topic 9
- Principal Reduction Standards – Topic 10
- Cost Feasibility Standards – Topic 11
- Savings Component Standards – Topic 12
- Collaboration Standards – Topic 13
- Financial Education – Topic 14
- Marketing – Topic 15
- Application and Origination – Topic 16
- Collections, Accounts in Default, and Consumer Reporting – Topic 17
- Third Party Relationships – Topic 18
- Other Regulatory Concerns – Topic 19
- Audit Policy – Topic 20
- Staff Training – Topic 21
- Retention of Documentation – Topic 22
Recent updates to this product:
03/18/24 Update
Eliminate and/or modify references to the term “Troubled Debt Restructuring” (TDR) with a “Borrower Experiencing Financial Difficulty.”
This Payday Loan Policy (approximately 40 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
NOTE: The complete contents of this product are also included in the Consumer Loan Policy.
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