Removing Barriers Blog

When Will Payday Rule be Finalized – That is the Question?

While rumors continue to swirl about CFPB Director Cordray leaving his post at the CFPB to run as the Democratic nominee for the Ohio gubernatorial race, the CFPB has not missed a beat.  Late last week the Bureau released their 2017 rulemaking agenda

The CFPB said there were more than one million comments on the proposed payday rule – including CUNA’s comment.  With the possibility of Director Corday leaving and then the door open for a new and different regime, the CFPB may be moving quicker than originally anticipated to finalize the payday rule.  According to an article in the CU Journal, the Bureau may finalize the rule by the fall. CFPB staff have also indicated that it is the CFPB's intention to finalize the rule this year. 

CUNA has been actively engaged with the CFPB on this important issue as well as on many others.  While CUNA is unsure whether a rule will come that quickly, we are prepared for all situations and will continue to keep America’s credit unions updated and informed of any breaking developments.