CFPB Delays Compliance Date for Underwriting Requirements of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule

The Consumer Financial Protection Bureau announced a final rule delaying the compliance date for the underwriting provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Payday Lending Rule). The final rule delays the effective date of those provisions from August 19, 2019, until November 19, 2020.

However, the effective date of the payment provisions of the Payday Lending Rule remains August 19, 2019.

To access the final rule go to https://www.govinfo.gov/content/pkg/FR-2019-06-17/pdf/2019-12307.pdf.

To access the Payday Lending Rule go to https://www.federalregister.gov/documents/2017/11/17/2017-21808/payday-vehicle-title-and-certain-high-cost-installment-loans.