How can the payday lending rule change for the better?

There is a major question mark hanging over the Consumer Financial Protection Bureau’s (CFPB) final rule regulating lenders specializing in short-term, small-dollar loans.

Consumer Bankers Association Associate General Counsel and Vice President David Pommerehn told Dodd Frank Update that there are two viable paths that the bureau is likely to take – 1) exempt depository institutions from the rule or 2) scrap the current version and start fresh.

Find out what he had to say regarding what is likely to happen and what depository institutions would like to see happen.