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Payday Lending Rule Small Entity Compliance Guide

The Consumer Financial Protection Bureau (CFPB) has issued a Small Entity Compliance Guide summarizing the payment-related provisions of the Payday, Vehicle Title, and High-Cost Installment Lending Rule (Payday Lending Rule). The Guide summarizes the general coverage provisions, compliance program requirements and record retention. 

The final rule and other resources are available on the CFPB’s Payday Lending Rule web page

Other provisions of the rule (e.g., mandatory underwriting) are under review and are likely to be delayed and/or possibly even rescinded. 

Vocab Compliance: