, this is HUGE for us. Some seriously GOOD news!

WASHINGTON, D.C. – The Consumer Financial Protection Bureau today issued a final rule concerning small-dollar lending in order to maintain consumer access to credit and competition in the marketplace. The final rule rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the legal and evidentiary bases for these provisions and finding them to be insufficient. The final rule does not rescind or alter the payments provisions of the 2017 rule.

Consumers utilizing small-dollar loans continue to have robust consumer protections in place under the prohibition on unfair, deceptive, and abusive acts or practices in the Dodd-Frank Act, the payments provisions of the 2017 rule, and other provisions of federal and state law. Consumers also have increasingly innovative choices among competing small-dollar products in the marketplace.

Rescinding the mandatory underwriting provisions of the 2017 rule ensures that consumers have access to credit and competition in states that have decided to allow their residents to use such products, subject to state law limitations. Currently, 32 states... , Click the Link to my Blog Post to continue reading: POST: CFPB Rule Rescinded in Full