Would you please confirm the effective date for the Payday Lending rule? Below is what came to me from BOL.com, but my understanding was that the date was August 19, 2018. If the April date applies, does it apply to the entire rule or just parts of it? Thank you!

Congress fails to void Payday Lending rule
Congress has failed to act within the 60-legislative-day deadline under the Congressional Review Act to disapprove the CFPB's Payday Lending rule, according to a CNBC report. Resolutions in both houses seeking to void the rule have expired, and the rule will now become effective April 1, 2019. The CFPB has said that it intends to revisit the rule.
First published on:
05/18/2018

I know there was some last minute court activity and the CFPB is saying they will have a proposed rule in February of 2019, but don't recall seeing anything final that delayed the August 2018 date (though I wasn't really looking). Also, the CFPB hasn't updated their information as they still list the effective date in August of 2018: https://www.consumerfinance.gov/policy-c...tallment-loans/

Maybe John or Andy will chime in about the April 1, 2019 date.

Compliance date

Sections 1041.2 through 1041.10, 1041.12, and 1041.13 have a compliance date of Aug. 19, 2019.

April 1, 2019 is the prepaid rule effective date.

That is what I was thinking, Inherent_Risk.

Thank you for this clarification. I appreciate your input.