CFPB Issues Amendments to Payday, Car Title, and Certain High-Cost Installment Loans Rule

CFPB Issues Amendments to Payday, Car Title, and Certain High-Cost Installment Loans Rule

REGULATORY ALERT

Dear Boards of Directors and Ceos:

On July 22, 2020, the customer Financial Protection Bureau issued a rule that is finalstarts brand new screen) amending elements 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 times are currently stayed pursuant up to a court purchase issued due to pending litigation. 1 As a result, loan providers aren’t obliged to adhere to the guideline before the stay that is court-ordered lifted.