User login

Payday Lending Rule Implementation Date to be Delayed

A judge in the U.S. District Court for the Western District of Texas ordered a stay of the implementation date of the Bureau of Consumer Financial Protection's Payday Lending Rule. The rule was scheduled to go into effect in August 2019 but the BCFP said it intends to issue a proposed rule in January that will delay the effective date.

The focus of the proposed rule will be on the ability-to-repay provisions, due to their greater impact on consumers and the financial services industry. 

For additional details regarding the Payday Lending Rule , see CUNA’s Final Rule Analysis.