Underwriting provisions of Payday Lender Rule delayed
The CFPB has posted a notice on its Payday Lending Rule implementation page that the Bureau yesterday issued a final rule delaying for 15 months the August 19, 2019, compliance date of the mandatory underwriting provisions of the 2017 Payday Lending Rule. The new compliance date of those provisions will be November 19, 2020. The rest of the Payday Lending Rule's substantive provisions will become effective on August 19, 2019.
The 15-month delay of the underwriting provisions is designed to give the Bureau the time to evaluate a separate proposal that those provisions be eliminated from the Payday Lending Rule.
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