CFPB Problems Amendments to Payday, Car Title, and Certain High-Cost Installment Loans Rule
NATIONWIDE CREDIT UNION MANAGEMENT 1775 Duke Street, Alexandria, VA 22314
On July 22, 2020, the buyer Financial Protection Bureau issued a final guideline (opens new screen) amending components of the Payday, car Title, and Certain High-Cost Installment Loans Rule, 12 CFR component 1041 (CFPB Payday Rule). Although the CFPB Payday Rule became effective on January 16, 2018, the conformity dates are currently stayed pursuant up to a court purchase issued due to pending litigation. 1 because of this, loan providers aren’t obliged to comply with the guideline through to the stay that is court-ordered lifted. […]