Payday, Vehicle Title, and Certain High-Cost Installment Loans; Delay of Compliance Date; Correcting Amendments
The Bureau of Consumer Financial Protection issued this final rule to delay the August 19, 2019 compliance date for the mandatory underwriting provisions of the regulation promulgated by the Bureau in November 2017 governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (2017 Final Rule or Rule). Compliance with these provisions of the Rule was delayed by 15 months, to November 19, 2020. The Bureau also made certain corrections to address several clerical and non-substantive errors it identified in other aspects of the Rule.
On July 7, 2020, the Bureau issued a final rule revoking the mandatory underwriting provisions of the 2017 final rule, including the provision of this rule setting November 19, 2020, as the compliance date for the mandatory underwriting provisions.
The Bureau released a for this final rule as well as an unofficial, informal to assist industry and other stakeholders in reviewing the changes that this final rule made to the regulatory text and commentary of the 2017 Final Rule.