ICYMI: A Summary regarding the CFPB’s Payday Lending Rule

ICYMI: A Summary regarding the CFPB’s Payday Lending Rule

Pleased Friday, Compliance Friends! Final autumn, certainly one of my peers posted a weblog in regards to the exemption that is PAL the CFPB’s Payday Lending Rule. To recharge your memory, the CFPB issued your final guideline during the early October 2017. This guideline is supposed to place a end to what the Bureau coined because, “payday debt traps”, but as written does, influence some credit unions’ items. Today’s web log will offer a higher level overview of what exactly is within the CFPB’s Payday Lending Rule.

Scope for the Rule

Payday advances are usually for small-dollar amounts and are also due in complete by the debtor’s next paycheck, often two or one month. Continue reading “ICYMI: A Summary regarding the CFPB’s Payday Lending Rule”