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.