CFPB issues amendments to 2017 Payday Lending Rule

The Bureau of Consumer Financial Protection is issuing a final rule to amend its regulations governing payday, vehicle title and certain high-cost installment loans. In the rule, the bureau is revoking provisions of those regulations that: provide that it is an unfair and abusive practice for a lender to make a covered short-term or longer-term balloon-payment loan, including payday and vehicle title loans, without reasonably determining that consumers have the ability to repay those loans according to their terms; prescribe mandatory underwriting requirements for making the ability-to-repay determination; exempt certain loans from the mandatory underwriting requirements; and establish related definitions, reporting, and record keeping requirements.

The bureau is making these amendments to the regulations based on its re-evaluation of the legal and evidentiary bases for these provisions. A table of contents for this final rule is available, as well as an unofficial, informal redline to assist industry with reviewing the changes that this final rule makes to the regulatory text and commentary of the 2017 Final Rule.

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The League of Southeastern Credit Unions & Affiliates represents 302 credit unions in Alabama, Florida and Georgia, with a combined total of $175 billion in assets and more than 11.6 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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