From the Web: CFPB Expected to ‘Scale Back’ Rule on Small-Dollar Lending
8/28/2017 12:59 PM
The CFPB’s final small-dollar lending rule will reportedly now focus on short-term loans for consumers as the bureau attempts to get the widely anticipated rule released.
The Consumer Financial Protection Bureau is now expected to narrow the scope of the small-dollar lending rule to concentrate on short-term payday loans “as it rushes to complete the regulation,” The Wall Street Journal reports.
The CFPB’s proposed rule from June 2016 contained requirements related to payday loans, vehicle title loans and certain high-cost installment loans, ACA International previously reported.
Now, the CFPB “may issue a separate rule to address the longer-term loan market, which requires more complex regulations and involves a wider range of lenders, including banks and credit unions,” according to The Wall Street Journal. A CFPB spokesperson said reviewing and publishing public comments is “substantially complete,” but declined to comment on the content of the rule.
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