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.


About Author

Evan Sparks

Evan Sparks is editor-in-chief of the ABA Banking Journal and vice president for publications at the American Bankers Association.