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#2219135 - 08/05/19 08:05 PM Payday Rule CD Secured Balloon Loans
terpsfan Offline
Diamond Poster
Joined: Feb 2007
Posts: 2,059
Is a CD secured loan with a balloon covered under the new rule?

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Lending Compliance
#2219153 - 08/05/19 10:16 PM Re: Payday Rule CD Secured Balloon Loans terpsfan
Bville Offline
Diamond Poster
Bville
Joined: May 2001
Posts: 1,282
Out West
Yes.

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#2219241 - 08/06/19 08:40 PM Re: Payday Rule CD Secured Balloon Loans terpsfan
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
I expect a notice from the Bureau in the next several days reminding us that there is a court order from the Federal District Court for the Western District of Texas staying the compliance date of August 19. That order's been in place since November 2018 and was renewed in May 2019.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#2239517 - 07/13/20 11:21 PM Re: Payday Rule CD Secured Balloon Loans terpsfan
TryingtoComply Offline
Diamond Poster
Joined: Apr 2013
Posts: 2,211
The West
Just getting back into lending compliance and am reviewing the SECG and FAQs. Are CD secured loans with a balloon payment still covered?
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TryingToComply
CRCM

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