CFPB to Reconsider Payday Lending Rule

The Consumer Financial Protection Bureau ("CFPB") will allow lenders to submit applications to waive the first deadline for complying with the Payday, Vehicle Title, and Certain High-Cost Installment Loans rule (the "Payday Rule").

While the Payday Rule became effective on January 16, 2018, compliance with most provisions of the rule is not required until August 19, 2019. April 16, 2018 is the deadline to apply for preliminary approval to become a registered information system. In waiving this registration deadline, the CFPB noted that it intends to reconsider the Payday Rule.