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: Proposed rule
Summary:

The Bureau of Consumer Financial Protection (Bureau) is proposing 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) by 15 months to November 19, 2020. This proposal is related to another proposal, published separately in today’s Federal Register, seeking comment on whether the Bureau should rescind the ability-to-repay/mandatory underwriting provisions of the 2017 Final Rule.

FR Doc:
Date proposed: February 6, 2019
Comments due date:

March 18, 2019

Final rule effective date:
Rule compliance date:
Agency release: Consumer Financial Protection Bureau Releases Notices of Proposed Rulemaking on Payday Lending
Related Reg Report item(s):

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