← Competitive Enterprise Institute
CFPBRulemakingCFPB-2016-0025

Payday, Vehicle, Title and Certain High-Cost Installment Loans

RIN
—
Last modified
Jan 6, 2026
Comment window
closed 3581d ago
Competitive Enterprise Institute filings
1

Activity

Competitive Enterprise Institute filed 1 comment on this docket between Oct 18, 2016 and Oct 18, 2016. 427 other organizations filed here. The comment window closed 3581d ago.

What Competitive Enterprise Institute filed (1)

Oct 18, 2016· Comment Submitted by Iain Murray, Competitive Enterprise Institute· CFPB-2016-0025-143356

Filed on regulations.gov — full text not in the inline record.

View on regulations.gov →

Abstract

Pursuant to sections 1031 and 1032 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203) (Dodd-Frank Act), the Bureau of Consumer Financial Protection (Bureau) 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 or loans with multiple advances if each advance is required to be repaid within 45 days. 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 an outstanding covered loan. 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 would identify it as an unfair and abusive practice to attempt to withdraw payment from a consumer’s account for a covered loan after two consecutive payment attempts have failed. The proposal would require lenders to provide certain notices to the consumer before attempting to withdraw payment for a covered loan from the consumer’s account. The Bureau is also proposing to adopt official interpretations to the proposed regulation.

View on regulations.gov →

Co-filers (427)

See everyone who commented →
Payday, Vehicle, Title and Certain High-Cost Installment Loans (CFPB) — Competitive Enterprise Institute | OpenPolis