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BFCP Reconsiders Payday Rule and Compliance Date
Monday, October 29, 2018 6:50 AM

The Bureau of Consumer Financial Protection said Friday that it expects to issue proposed rules in January 2019 reconsidering the Bureau's rule regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans and address the rule's compliance date.

The Bureau will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules. However, the Bureau is currently planning to propose revisiting only the ability-to-repay provisions and not the payments provisions, in part because the ability-to-repay provisions have much greater consequences for consumers and industry than the payment provisions.

The proposals will be published as quickly as practicable consistent with the Administrative Procedure Act and other applicable law.