The CFPB’s Payday Loan Rule Underwriting Provisions Are Rescinded: A Look at the Road Ahead

The Consumer Financial Protection Bureau (CFPB) has acted to rescind the onerous ability-to-repay provisions in its payday/auto title/high-rate installment loan rule, most commonly referred to as the Payday Rule. At the same time, it has decided not to revisit or provide any relief from the Payday Rule’s payments provisions that impose certain requirements and limitations on attempts to withdraw payments from a consumer's account. The topics we will discuss in this webinar include:

• A review of the Payday Rule’s payments provisions
• When the payments provisions may become effective and what should be done now to prepare
• The CFPB’s plans regarding new disclosures
• Status of Texas litigation challenging the Payday Rule
• Possible legal and political challenges to both the CFPB’s ratification of the payments provisions and rescission of the ability-to-repay provisions
• Impact on state regulations and enforcement
• Potential impact on the 2020 presidential election