CFPB Acting Director
Uejio posted
a blog asserting that “ability to repay” standards are an important
consumer safeguard for underwriting small dollar loans. The Acting Director
also said a future Bureau rulemaking on small-dollar loans, if deemed
appropriate, is possible.
Under the prior
leadership, the CFPB finalized a rescission of the 2017 Payday Rule’s mandatory
underwriting provisions. The rule has been subject to multiple legal
challenges.