2020 Amendments to the Payday Lending Rule

Updated 08/06/2020

This document summarizes CFPB’s 2020 Final Rule amending the Payday, Vehicle Title, and Certain High-Cost Installment Loans (“payday loans”). The Final Rule revokes the mandatory underwriting provisions of the 2017 Final Rule as well as related reporting, recordkeeping, and compliance date requirements.

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