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ABA: The American Bankers Association
Compliance News

CFPB Extends Compliance Date of Underwriting Provisions in Payday Rule

The Consumer Financial Protection Bureau extended the compliance date for the mandatory underwriting provisions of its final rule governing short-term, small-dollar loans, from Aug. 19, 2019, to Nov. 19, 2020. The CFPB has separately proposed to rescind those underwriting requirements. For more information, contact ABA’s Jonathan Thessin.