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TCH Urges OCC to Withdraw Proposed Deposit Advance Guidance

The Clearing House joined CBA and FSR in comment letters to the OCC regarding its proposed guidance for deposit advance products. The letters ask that the proposed guidance be withdrawn and that the agencies coordinate with industry and regulatory stakeholders, including the CFPB, to develop a data-based, comprehensive supervisory approach to small-dollar, short-term products that will apply to both banks and non-banks.