Removing Barriers Blog

CFPB Releases additional Payday Proposal Materials
Posted February 06, 2019 by Chandler Schuette

On February 6th, the CFPB issued two proposed rules to amend provisions of its 2017 final rule on “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Rule). Specifically, the Bureau is proposing to rescind the rule’s requirements that lenders make certain underwriting determinations before issuing certain short-term, small dollar covered loans.  In a separate proposal, the Bureau is also proposing to delay the August 19, 2019 implementation date to November 19, 2020. 

 As a follow up to Wednesday's release, the CFPB has also issued supplemental materials to accompany the proposed rules. These resources include a summary of the proposals, a redline illustrating changes to the regulatory text and commentary, and a table of contents.

 Additionally, both the rescission proposal and the delay proposal have dedicated landing pages on the CFPB’s website, which will be updated once the proposals are published in the Federal Register.