Underwriting guidelines should manage called for records for evidence of employment or money, such as at least two recent income stubs
( 7 ) The federal credit union charges a reasonable application cost to all users making an application for an innovative new payday choice financing supplied under this part (c)(7)(iii) that reflects the specific costs associated with processing the application, but that in no circumstances goes beyond $20; and
( 8 ) The federal credit union include, in its penned lending procedures, a restriction regarding aggregate dollars quantity of payday renewable debts generated under this paragraph (c)(7)(iii) and paragraph (c)(7)(iv) for this part that does not go beyond an aggregate of 20percent of internet worth and implements suitable underwriting rules to attenuate danger, eg, requiring a borrower to verify jobs by giving at least two recent cover stubs. (more…)