PAYDAY LENDER UNDERWRITING RULES DELAYED

On June 6 2019, the Consumer Financial Protection Bureau (CFPB) issued a final rule to delay the August 19, 2019 compliance date for the mandatory underwriting provisions of the 2017 Payday Lending Rule to November 19, 2020.

The payday lender rules were initially proposed in June 2016 with a final rule issued in October 2017 and published in the Federal Register on November 17, 2017. The rule was effective on January 16, 2018 with a compliance date of August 19, 2019 for most provisions. On February 6, 2019 the CFPB issued two proposed rules, one to rescind certain underwriting provisions and another, which was made final with this most recent rule, to delay the effective date of the rule until November 19, 2020.

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