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Part 1041 - Payday, Vehicle Title, and Certain High-Cost Installment Loans

Reg Letter: 
OO
Issuing Agency: 
CFPB
Reg info: 
Authority: 12 U.S.C. 5511, 5512, 5514(b), 5531(b), (c), and (d), 5532. Source: 82 FR 54871, Nov. 17, 2017, unless otherwise noted.

"The Payday Lending Rule became effective on January 16, 2018. However,the Rule’s general compliance date is August 19, 2019. Thus, by its terms, t he Rule does not require lenders to comply with the Rule’s payment provisions or the related compliance program and record retention requirements until August 19, 2019. The compliance date, however, is currently stayed pursuant to a court order issued in Community Financial Services Association v. CFPB, No. 1:18-cv-00295 (W.D. Tex. Nov. 6, 2018). As a result, lenders have no obligation to comply with the Rule until the court-ordered stay is lifted." (Small entity compliance guide for the rule)

The CFPB has delayed the compliance date for the mandatory underwriting provisions of the rule to November 19, 2020, and has proposed to revoke those and certain other provisions.

The CFPB has released a Small Entity Compliance Guide for the payment provisions of the rule.

For a table of Federal Register documents affecting this regulation, click HERE

First published on: 
02/19/2019

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