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Deposit Advance Products Pose No Safety and Soundness Issues

Posted by: funnytodd   
March 22nd,

As stated, the OCC and FDIC have actually prefaced their proposed tips of deposit advance items on soundness and safety concerns. Nevertheless, there clearly was evidence that is little offer the premise why these items pose any security and soundness dangers into the banking institutions that provide them. It’s important to note some banking institutions have actually provided deposit advance items for quite some time with little to no or no soundness and safety concerns, and we also are uncertain regarding the foundation for the Agencies’ concerns over institutional safety and soundness. Close examination that is regulatory of services and products has yielded fairly excellent results and, notably, demonstrated that close working relationships between banking institutions and regulators may result in the introduction of wise and reasonable items. Furthermore, as discussed below, bank-offered deposit advance items include materially less danger of injury to customers than comparable services and products made available from non-depository providers.

Reputational Danger

There was evidence that is little of dissatisfaction with bank-offered deposit advance items. To your contrary, customer satisfaction with one of these items is frequently extremely high with below normal grievance prices. For instance, within one bank’s survey that is recent of advance clients, 90 % of participants ranked their general experience with the item as “good” or “excellent”. The customer satisfaction rating ranked higher for the bank’s deposit advance product than any other product offered by that bank in another survey by a different bank. Read the rest of this entry »