The bureau is focusing on consumers’ ability to repay loans in its reconsideration of the rule.
10/29/2018 15:30
The Bureau of Consumer Financial Protection is moving forward with reconsideration of the rule on Payday, Vehicle Title and Certain High-Cost Installment Loans and expects to issue proposed rules in January 2019.
It will also address the compliance date, currently planned for August 2019, in conjunction with the proposal set forth under the leadership of former BCFP Director Richard Cordray.
“The bureau will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules,” according to an Oct. 26 statement from the BCFP. “However, the bureau is currently planning to propose revisiting only the ability-to-repay provisions and not the payments provisions, in significant part because the ability-to-repay provisions have much greater consequences for both consumers and industry than the payment provisions. The proposals will be published as quickly as practicable consistent with the Administrative Procedure Act and other applicable law.”
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