The title of this blog might have you breathing a sigh of relief but don’t get too excited just yet!!
As you may recall, the payday lending rule is essentially made up of two parts. The first is what we like to call the “Payment Requirements” and the second is the “Underwriting Requirements”. Originally, the mandatory compliance date was set for August 19, 2019, for both.
However, the CFPB recently announced that they will delay the mandatory compliance date for the “Underwriting Requirements” for an additional 15 months, until November 19, 2020. While that is good news, understand that those subject to the Rule WILL still have to comply with the “Payment Requirements” on August 19, 2019!
Not sure if the Payday Lending Rule applies to you? Wondering what the “Payment Requirements” actually entail? Be sure to check out the May and June editions of our Banking on BCC Magazine. We also have a couple of webinars available On-Demand to assist you!