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ABA: The American Bankers Association
Compliance News

CFPB Updates Compliance Guide for Payday Rule

The Consumer Financial Protection Bureau updated its small entity compliance guide for its 2017 final rule governing short-term, small-dollar loans. The updated guide reflects the bureau’s finalization, on June 6, of its separate rule to delay the compliance date of the mandatory underwriting provisions in the 2017 rule. The bureau has proposed to rescind those underwriting provisions, while leaving in place the 2017 rule’s payment provisions. For more information, contact ABA's Jonathan Thessin.