CFPB to reconsider Payday Rule

Yesterday, the effective date of one portion of the "Payday, Vehicle Title, and Certain High-Cost Installment Loans" regulation (Payday Rule), the CFPB issued a statement that it "intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule." The Bureau said it will entertain requests for waivers from the rule's April 16, 2018, deadline for submissions for preliminary approval to become a registered information system under the Payday Rule. Under the Rule, registered information systems are special-purpose consumer reporting agencies with whom covered lenders under the rule are required to file credit history and from which credit history information is to to be obtained for underwriting certain types of loans under the rule.