Public Statement Regarding Payday Rule Reconsideration and Delay of Compliance Date

Orrick - Finance 20/20
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On October 26, the Consumer Financial Protection Bureau (the “Bureau“) issued a statement announcing that it expects to issue proposed rules in January 2019 that will reconsider the Bureau’s rule regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans and address the rule’s compliance date. The Bureau is currently planning to revisit only the ability-to-repay provisions and not the payments provisions. Release.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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