The Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking to amend the 2017 final rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Rule). The proposed rule rescinds all mandatory underwriting requirements and other related requirements for making an ability-to-repay (ATR) determination. The proposed rule retains the definition of a covered loan, and exceptions and exemptions from the rule. The rule also retains the payment provisions and still requires lenders to develop compliance programs.
Already a member? Log in
NAFCU Members Get More
This page contains member-only content.
Membership is open to all federally insured credit unions in the United States, both federally and state-chartered. Members enjoy:
If you are already logged in and believe you should have access to member-only content, please contact us for assistance at firstname.lastname@example.org.