Payday loan protections
The CFPB’s rule prevents lenders from attempting to collect payments from people’s bank accounts in ways that may rack up excessive fees or deviate from what they expect.
These protections will apply to short-term loans including payday loans and vehicle title loans, as well as certain longer-term balloon-payment and high-cost installment loans.
Note: The CFPB has revoked the mandatory underwriting provisions in this rule.
Payday Loans Explained
Watch to see how payday loans operate.
Information for financial service providers
The Bureau provides support and resources to help financial service providers understand and comply with the rule.
Key milestones
| Date | Milestone |
|---|---|
Apr 24, 2013 |
CFPB issued a white paper entitled Payday Loans and Deposit Advance Products. |
Nov 2013 |
CFPB began accepting complaints from borrowers encountering problems with payday loans. |
| Mar 25, 2014 | CFPB issued a report entitled CFPB Data Point: Payday Lending. |
| Mar 26, 2015 | CFPB announced an outline of a proposal entitled Small Business Advisory Review Panel for Potential Rulemakings for Payday, Vehicle Title, and Similar Loans. |
Apr 29, 2015 |
CFPB convened a Small Business Review Panel to meet with small entity representatives that would be subject to the rule. |
| Jun 25, 2015 | The final report of the Small Business Review Panel on CFPB’s Rulemaking on Payday, Vehicle Title, and Similar Loans was published. |
| Apr 20, 2016 | CFPB issued a report entitled Online Payday Loan Payments. |
| May 18, 2016 | CFPB issued a report entitled Single-Payment Vehicle Title Lending. |
| Jun 2, 2016 | CFPB issued a report entitled Supplemental findings on payday, payday installment, and vehicle title loans, and deposit advance products. |
| Jun 2, 2016 | CFPB issued a Request for Information on Payday Loans, Vehicle Title Loans, Installment Loans, and Open-End Lines of Credit. |
| Jun 2, 2016 | CFPB issued a proposed rule entitled Payday, Vehicle Title, and Certain High-Cost Installment Loans. The CFPB also invited public comment on that proposal. |
Oct 5, 2017 |
CFPB issued a final rule entitled Payday, Vehicle Title, and Certain High-Cost Installment Loans. |
Feb 6, 2019 |
CFPB issued proposed rules to rescind the mandatory underwriting provisions of the 2017 final rule and to delay the August 19, 2019 compliance date for those provisions to November 19, 2020. The CFPB invited public comment on both proposals. |
Jun 6, 2019 |
CFPB issued a final rule to delay the compliance date for the mandatory underwriting provisions of the 2017 final rule to November 19, 2020. |
| July 7, 2020 | CFPB issued a final rule to revoke the mandatory underwriting provisions of the 2017 final rule. |