On April 25, 2013, the Board of Governors of the Federal Reserve System (Board) issued CA Letter 13-7 Statement on Deposit Advance Products. The letter and guidance was issued to emphasize to state member banks the significant consumer risks associated with deposit advance products in light of the Consumer Financial Protection Bureau’s (CFPB) April 24, 2013, white paper entitled “Payday Loans and Deposit Advance Products: A White Paper of Initial Data Findings.” As noted in its press release, the CFPB sees significant consumer risks in this area and expects to use its full authorities to provide protections to consumers once it completes further analysis of the short-term, high-cost loan market later this spring.