Archive

Go to:

March 2019
SMTWTFS
12
3456789
10111213141516
17181920212223
24252627282930
31
< Feb Apr >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

CFPB Issues Statement on the Payday Rule
Wednesday, January 17, 2018 6:45 AM

The Bureau of Consumer Financial Protection (Bureau) today issued the following statement on the Payday Rule:

“January 16, 2018, is the effective date of the Bureau of Consumer Financial Protection’s final rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Rule). The Bureau intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule. 

"Although most provisions of the Payday Rule do not require compliance until August 19, 2019, the effective date marks codification of the Payday Rule in the Code of Federal Regulations. Today’s effective date also establishes April 16, 2018, as the deadline to submit an application for preliminary approval to become a registered information system (RIS) under the Payday Rule. However, the Bureau may waive this deadline pursuant to 12 C.F.R. 1041.11(c)(3)(iii). Recognizing that this preliminary application deadline might cause some entities to engage in work in preparing an application to become a RIS, the Bureau will entertain waiver requests from any potential applicant.”

Note, this final rule exempts NCUA payday alternative loans.