CFPB to Reconsider the Payday Lending Rule
On January 16, 2018, the Consumer Financial Protection Bureau (CFPB) issued a statement on the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Lending Rule). The Payday Lending Rule was effective January 16, 2018, with most provisions not requiring compliance until August 19, 2019. The CFPB announced that it intends to engage in a rulemaking process in order to reconsider the Payday Lending Rule.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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