BCFP will revise payday rule in January

The Bureau of Consumer Financial Protection announced Friday it expects to issue proposed rules in January reconsidering its short-term, small-dollar rule. The bureau stated it will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules, but it currently plans to propose revisiting only the ability-to-repay provisions, not the […]

The Bureau of Consumer Financial Protection announced Friday it expects to issue proposed rules in January reconsidering its short-term, small-dollar rule. The bureau stated it will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules, but it currently plans to propose revisiting only the ability-to-repay provisions, not the payments provisions.

According to the bureau, the focus will be on the ability-to-repay is in part “part because the ability-to-repay provisions have much greater consequences for both consumers and industry than the payment provisions.”

The proposals will be published as quickly as practicable consistent with the Administrative Procedure Act and other applicable law, the bureau said.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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