CFPB proposals to revise payday loan rule and delay compliance date published in Federal Register
The CFPB’s proposal to revise its final payday/auto title/high-rate installment loan rule to rescind the rule’s ability-to-repay (ATR) provisions in their entirety and its proposal to delay the compliance date for the ATR provisions until November 19, 2020 were published in today’s Federal Register. The CFPB’s proposals would leave unchanged the rule’s troublesome payment provisions and continue to require compliance by August 19 with those provisions.
The publication of the proposals starts the clock running on the comment periods. Comments on the proposal to rescind the ATR provisions are due on or before May 15, 2019. Comments on the proposal to delay the compliance date for the ATR provisions are due on or before March 18, 2019.