Compliance date for Payday Lending rule
The Consumer Financial Protection Bureau published its final rule, "Payday, Vehicle Title, and Certain High-Cost Installment Loans," at 82 FR 54472 in today's Federal Register. The rule is to become effective January 16, 2018, with most sections carrying a compliance date of August 19, 2019. Today's publication will start the 60-legislative-day period under the Congressional Review Act during which Congress can nullify the rule with a joint resolution approved by the president.
- UPDATE: On February 16, 2018, the CFBP issued a statement that it would engage in a rulemaking to reconsider this rule.
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