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Financial Services Law Insights and Observations

CFPB announces payday lending rule compliance date

Federal Issues CFPB Payday Lending Agency Rule-Making & Guidance

Federal Issues

On September 7, the CFPB acting Director, Dave Uejio, released a statement regarding the decision by the U.S. District Court for the Western District of Texas to uphold the Payment Provisions in the CFPB’s 2017 rule on payday, vehicle title, and certain high-cost installment loans (covered by InfoBytes here). Ueijio hailed the decision as a reaffirmation of the Bureau’s “ability to protect borrowers from unfair and abusive payment practices in the payday lending and other markets covered by the rule.” Uejio then stated that compliance with the rule will become mandatory on June 13, 2022, and that the Bureau “expects lenders to follow the requirements of the payment provisions, consistent with the court’s order.”

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