The Consumer Financial Protection Bureau (CFPB) recently published a compliance guide to help small entities account for the payment-related provisions of its payday lending rule. The guide does not address any of the rule’s ability-to-repay underwriting provisions, which the agency has proposed to rescind.
Specifically, the guide details what loans are and are not covered under the rule, how the rule applies to lenders and service providers, prohibited payment activities, consumer disclosure requirements, compliance disclosure requirements and recordkeeping requirements.
Find out more specifics about what the guide covers that could help lenders and service providers.