CFPB Acting Director says he expects lenders to follow recent payday lending court ruling
The U.S. District Court for the Western District of Texas upheld the Payment Provisions in the CFPB’s 2017 payday lending rule and marked the effective date as June 13, 2022. In response, CFPB Acting Director Dave Uejio Tuesday commented that he was “pleased the court reaffirmed our ability to protect borrowers from unfair and abusive payment practices in the payday lending and other markets covered by the rule." He went on to say that “the CFPB expects lenders to follow the requirements of the payment provisions, consistent with the court’s order.”
The CFPB’s payday lending rule, first promulgated in 2017, originally contained two major components — underwriting provisions and payment provisions. The underwriting provisions required payday lenders to determine that a consumer will have the ability to repay the loans according to the terms of the covered short- or long-term balloon-payment loans.
The payment provisions upheld by the court were put in place to prevent the cycle of borrowers taking on new debt to pay back old debt. Of note, two industry trade groups filed suit in 2018, challenging both the underwriting provisions and the payment provisions.
NAFCU will remain in close contact with the bureau on this topic and continue to inform credit unions of changes that may impact their abilities to offer these types of loans.
Add to Calendar 2021-10-21 14:00:00 2021-10-21 14:00:00 FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet If you have ever wanted to know what’s new in the Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook, this is the session for you. In this webinar we will deconstruct the Architecture, Infrastructure & Operations (AIO) booklet by comparing the AIO booklet to the Operations booklet which it replaces. We dig into what’s new to AIO, including how the principles, design and content could impact your credit union during future IT exams. If you are a CISO, ISO, responsible for IT governance, or just want to stay on top of changes to IT regulatory guidelines, this session is for you. Key Takeaways Discover the key differences between the AIO booklet and the Operations booklet it replaces. Identify new principles in the AIO booklet as they relate to IT safety and soundness. Compare and contrast principles and concepts that overlap with the IT Security booklet. Review ideas on how to implement the AIO into your credit union’s Information Security Program. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until October 21, 2022.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMS) Chief Executive Officers Chief Financial Officers Chief Information Officers Chief Technology Officers Compliance, risk, and audit titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar NCCOs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet
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