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CFPB retreats from payday lending rule

Joe Mont | February 6, 2019

The Consumer Financial Protection Bureau this week proposed to rescind sections of a 2017 rule targeting small-dollar lending, including payday and vehicle title loans.

The proposal, made public on Feb. 6, is related to another seeking comment on whether the Bureau should delay the Aug. 19, 2019, compliance date for relevant portions of the 2017 Final Rule.

Payday loans are typically for small-dollar amounts and due in full by the borrower’s next paycheck, usually two or four weeks. They can be expensive, with annual percentage rates that can reach 300 percent or higher. Single-payment auto title loans have expensive charges and short terms, but borrowers are also required to put up their car or truck title for...

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