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OCC releases guidance on tax-refund products
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Banking
Friday, August 14, 2015
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The Office of the Comptroller of the Currency has issued a guidance document, outlining safety and soundness measures that national banks and federal savings associations should follow if they offer tax refund-related products. The new guidance replaces a five-year-old bulletin and offers tips for compliance with three categories of risk management: risk management for all tax refund-related products; supplementary risk management for tax refund-related products involving an extension of credit (tax refund-related credit products); and supplementary risk management for tax refund-related products or services for transmitting a refund (tax refund-related deposit products). Read on to find out what you need to do to stay compliant while offering these services.
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