07
Jun

Consumers Rejoice! CFPB Issues Final Rule on Payday Loan Underwriting

More good news for USA households as the CFPB recognizes access to credit for all at competitive rates is preferable to zero financial choices!

On June 6, 2019, the Bureau issued a final rule delaying the August 19, 2019 compliance date for the Mandatory Underwriting Provisions of the 2017 Payday Lending Rule to November 19, 2020.

June 6, 2019

Executive Summary of Delay Final Rule’sAmendments to the 2017 payday lending Rule

On June 6, 2019, the Consumer Financial Protection Bureau (Bureau) issued a final rule (Delay Final Rule) delaying the compliance date for the Mandatory Underwriting Provisions of the Bureau’s 2017 rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (2017 Payday Lending Rule).

The Delay Final Rule also makes certain technical corrections to the 2017 Payday Lending Rule.

This executive summary provides an overview of the Delay Final Rule but is not a substitute for reviewing the Delay Final Rule itself.

Background On October 5, 2017, the Bureau issued the 2017 Payday Lending Rule to establish regulations for payday loans, vehicle title loans, and certain high-cost installment loans.

The 2017 Payday Lending Rule addressed two discrete topics.

First, it contained a set of provisions with respect to the underwriting of certain covered loans and related reporting and recordkeeping requirements. These provisions are referred to herein as the “Mandatory Underwriting Provisions.”

Second, it contained a set of provisions establishing certain requirements and limitations with respect to attempts to withdraw payments from consumers’ checking or other accounts and related recordkeeping requirements. These provisions are referred to herein as the“Payment Provisions.”

The Bureau also provided an unofficial redline and an executive summary.

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