Federal Register: CFPB Proposes Rescinding Provisions of Payday Lending Rule

The Consumer Financial Protection Bureau ("CFPB") proposal to rescind the mandatory underwriting provisions of a final rule governing "Payday, Vehicle Title and Certain High-Cost Installment Loans" was published in the Federal Register. The CFPB proposal to delay the compliance date for the mandatory underwriting provisions of the final rule (originally August 19, 2019) until November 19, 2020 was also published in the Federal Register. (See here for previous coverage of both CFPB proposals.)

Comments on the proposal to rescind the mandatory underwriting provisions must be submitted by May 15, 2019. Comments on the proposal to delay the compliance date for mandatory underwriting provisions of the final rule must be submitted by March 18, 2019.