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Federal Deposit Insurance Corporation

Federal Deposit Insurance Corporation

Each depositor insured to at the very least $250,000 per insured bank

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Financial Institution Letters

Directions for Payday Lending

Purpose This guidance provides details about payday lending, a specific kind of subprime lending, and supplements and clarifies previously released guidance about such programs, such as the July 2003 tips for Payday Lending. 1 It defines safety and soundness and conformity factors for examining and supervising state nonmember institutions which have payday financing programs.