Payday, Vehicle Title, and Certain High-Cost Installment Loans; Delay of Compliance Date (mandatory underwriting provisions)

Title:

Payday, Vehicle Title, and Certain High-Cost Installment Loans; Delay of Compliance Date (mandatory underwriting provisions)

Subject: Payday lending
Agency: CFPB
Status: Final rule
Summary:

The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to delay the August 19, 2019 compliance date for the mandatory underwriting provisions of the regulation promulgated by the Bureau in November 2017 governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (2017 Final Rule or Rule). Compliance with these provisions of the Rule is delayed by 15 months, to November 19, 2020. The Bureau is also making certain conforming changes and corrections to address several clerical and non-substantive errors it has identified in the Rule.

Docket:
Date proposed: February 6, 2019
Comments due date:

March 18, 2019

Final rule effective date: Aug. 16, 2019
Rule compliance date:

Agency release: Consumer Financial Protection Bureau Releases Notices of Proposed Rulemaking on Payday Lending
Related Reg Report item(s):

Bureau issues final rule delaying payday lending compliance to November 2020

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