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CFPB to Change Payday Ability-to-Pay Provisions First

The bureau intends to address the rule’s payments provision later.

The CFPB will make changes to its payday lending rule’s compliance date and ability-to-repay requirements in January, the agency announced Friday.

The bureau intends to address the rule’s payments provision later, bureau officials said.

When it issued its final payday lending rule last year, the agency said, “Under the new rule, lenders must conduct a ‘full-payment test’ to determine upfront that borrowers can afford to repay their loans without re-borrowing.”

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David Baumann

 

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