CFPB to Extend Compliance Date, Revisit Small-Dollar Loan Rule

The Consumer Financial Protection Bureau expects to extend the compliance date and revisit certain provisions of its small-dollar lending rule. The agency said today that it expects to issue proposed rules in Jan. 2019 addressing both the compliance date and the ability-to-repay provisions of the rule.

The American Bankers Association has long urged the bureau to design a regulatory framework that encourages the supply and access to small dollar credit by minimizing regulatory burdens and promoting efficiency. For more information, contact ABA’s Jonathan Thessin.