The Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking to amend the 2017 final rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Rule). The proposed rule rescinds all mandatory underwriting requirements and other related requirements for making an ability-to-repay (ATR) determination. The proposed rule retains the definition of a covered loan, and exceptions and exemptions from the rule. The rule also retains the payment provisions and still requires lenders to develop compliance programs.
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