Consumer Financial Services Committee Newsletter - March 2019

 

In This Issue

What's Going On? The CFPB Reassesses Its Rule Governing "Payday, Vehicle Title, and Certain High-Cost Installment Loans"

Over a year after announcing its plan to reconsider its final rule on "Payday, Vehicle Title, and Certain High-Cost Installment Loans" (the "Rule"), the Consumer Financial Protection Bureau (the "CFPB") formally published in the Federal Register two notices of proposed rulemaking on February 14, 2019 (collectively, the "NPRMs") that rescind the Rule's so-called "Mandatory Underwriting Provisions" and extend the compliance deadline for those provisions by 15 months to November 19, 2020.