CFPB issues Payday, Vehicle Title Loan Rule

The Bureau has issued a final rule (Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule) governing the underwriting of certain personal loans with short term or balloon-payment structures, as well as lenders’ payment withdrawal practices for those loans and certain additional installment loan products. The final rule also prescribes processes and criteria for registration of information systems.

Rule: https://s3.amazonaws.com/files.consumerf...-loans-rule.pdf

Implementation help: https://www.consumerfinance.gov/policy-c...y-lending-rule/