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CFPB Delays Compliance Date for Underwriting Requirements of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule

19-11 / June 2019
CFPB Delays Compliance Date for Underwriting Requirements of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule
Subject
Consumer Protection
Status
Active

On June 7, 2019, the Consumer Financial Protection Bureau announced a final rule (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) delaying the compliance date for the underwriting provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Payday Lending Rule). The final rule delays the effective date of those provisions from August 19, 2019, until November 19, 2020.

However, the effective date of the payment provisions of the Payday Lending Rule remains August 19, 2019.

To access the final rule go to https://www.govinfo.gov/content/pkg/FR-2019-06-17/pdf/2019-12307.pdf (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) .

To access the Payday Lending Rule go to https://www.federalregister.gov/documents/2017/11/17/2017-21808/payday-vehicle-title-and-certain-high-cost-installment-loans (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) .

Additional Information

If you have questions about this information, please contact the NCUA’s Office of Consumer Financial Protection at 703.518.1140 or by email at ComplianceMail@ncua.gov. You can also contact your NCUA regional office or your state supervisory authority.

Footnotes

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