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CFPB to Reconsider Payday Lending Rule

Wed, Jan 17, 2018

The Consumer Financial Protection Bureau (CFPB) announced it will "reconsider" its rule regulating the payday lending industry. This may signal that the bureau will scale back or reverse the regulations put into place by former director Richard Cordray.

"The bureau intends to engage in a rulemaking process so that the bureau may reconsider the payday rule," the agency, now run on an acting basis by Trump appointee Mick Mulvaney, said in a brief statement. The announcement comes the same day as the effective date of the final rule - Tuesday, January 16. Under Cordray, the agency finalized the rule in October. The CFPB also said that it would "entertain" waivers from companies seeking to avoid the nearest deadlines under the rule while it prepares to engage in the rulemaking process to revise it.