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CFPB Has Spoken: Payday Lending Regs Drop

PYMNTS

“Today, I approved rescission of the OCC’s guidance regarding deposit advance products, effective immediately,” acting Comptroller of the Currency Keith Noreika said in a press release. The CFPB’s payday rule, he added, “necessitates revisiting the OCC guidance.”. So Now What? And there are a few avenues. The moral for the story.

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The Final Payday Lending Rule Drops (Now What)

PYMNTS

“Today, I approved rescission of the OCC’s guidance regarding deposit advance products, effective immediately,” acting Comptroller of the Currency Keith Noreika said in a press release. The CFPB’s payday rule, he added, “necessitates revisiting the OCC guidance.”. So Now What? And there are a few avenues. The moral for the story.

Rules 40
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Why The Final Payday Lending Rules Are Far From The Last Word

PYMNTS

“The final rule published today will devastate an industry that serves nearly 30 million American customers each year,” noted Edward D’Alessio, executive director of the Financial Service Centers of America. million comments submitted. Banks need clear guidelines from a host of players. Unfortunately, they might have to wait.

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