With the deadline to repeal the Consumer Financial Protection Bureau’s (CFPB) payday lending rule now in the rearview mirror, covered parties may feel inclined to review plans for compliance with the controversial regulation. However, as the rule’s future remains far from certain, many financial industry participants may understandably take more of a wait-and-see approach.
The fact that the payday repeal resolution was not passed comes as little surprise to many industry insiders, such as Consumer Bankers Association (CBA) Associate General Counsel and Vice President David Pommerehn, who spoke with Dodd Frank Update about the matter.
Find out more about what likely lies ahead for the rule, and the potential implications for the financial industry.