CFPB 1334 Page PDL, Title and Installment Doc for Comments
Published: Fri, 06/03/16
Apparently several folks missed the link to the actual 1334 page CFPB Rulemaking & Comment document I sent out yesterday. If that includes you, here you are:
http://files.consumerfinance.gov/f/documents/Rulemaking_Payday_Vehicle_Title_Certain_High-Cost_Installment_Loans.pdf
NOTE: It will be the last quarter of 2018 AT THE EARLIEST that any of the CFPB proposals could take effect!
And, if this email was forwarded to you and you want on my list, visit http://www.PaydayLoanUniversity.com to signup:
Payday, Vehicle Title, and Certain High-Cost Installment Loans
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Proposed rule with request for public comment.
SUMMARY: Pursuant to its authority under the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act), including sections 1022, 1024, 1031, and 1032 of the DoddFrank
Act, the Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to
establish 12 CFR part 1041, which would contain regulations creating consumer protections for
certain consumer credit products. The proposal generally would cover two categories of loans.
First, the proposal generally would cover loans with a term of 45 days or less. Second, the
proposal generally would cover loans with a term greater than 45 days, provided that they (1)
have an all-in annual percentage rate greater than 36 percent; and (2) either are repaid directly
from the consumer’s account or income or are secured by the consumer’s vehicle.
For both categories of covered loans, the proposal would identify it as an abusive and unfair practice for a
lender to make a covered loan without reasonably determining that the consumer has the ability
to repay the loan. The proposal generally would require that, before making a covered loan, a
lender must reasonably determine that the consumer has the ability to repay the loan.
The proposal also would impose certain restrictions on making covered loans when a consumer has
or recently had certain outstanding loans. The proposal would provide lenders with options to make covered loans without satisfying the ability-to-repay requirements, if those loans meet
certain conditions. The proposal also...
http://files.consumerfinance.gov/f/documents/Rulemaking_Payday_Vehicle_Title_Certain_High-Cost_Installment_Loans.pdf
If this email was forwarded to you and you want on my list, visit one of these websites to signup: