CFPB issued the final Payday Loan Rule today

CFPB issued the final Payday Loan Rule today

by The CAB Man Texas on October 5, 2017

CFPB Rule came out today.  It is 1,600+ pages and I am hearing from folks on it but no one knows a lot at this point.  I need to start reading and as I connect with others to learn more I will of course relay what people are saying.

Effective date is 21 months after date of publication in the Federal Register. I do not know when it was or when it will be in the Federal Register.  As far as who it covers and what kinds of loans it applies to, I need to look.

Here is the link:

https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/201710_cfpb_final-rule_payday-loans-rule.pdf

This blog post was written by Michael Brown, President of CAB Consulting and the Texas Organization of Financial Service Centers.  He can be reached at 214-293-8676, or Michael@CreditAccessBusiness.com.

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