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CFPB Payday Lending Rules 2.0 — What’s Next

PYMNTS

The next chapter in the ongoing saga that is payday loan regulation officially began yesterday (Feb. 6), with the announcement that the Consumer Financial Protection Bureau (CFPB) will overhaul a series of 2017 payday loan regulations, set to go into effect in August 2019. The Tumultuous Response.

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CFPB To Overhaul Payday Lending Rule

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As part of a move to revise a payday loan regulation from the Obama era, the Trump administration on Wednesday (Feb. The rule, which was supposed to go into effect in August, was meant to federally regulate short-term loans geared toward low-income customers. The Trump administration has started the ball rolling.

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Morgan Lewis Principal Weighs In On Payday Loan Debate

PYMNTS

The Consumer Financial Protection Bureau ( CFPB ) said earlier in the month that it will look to overhaul a number of payday loan regulations that were put in place in 2017 and were slated to go into effect in August of this year.