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

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Oct 25, 2022
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closed 2631d ago
U.S. Chamber of Commerce filings
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Activity

U.S. Chamber of Commerce filed 1 comment on this docket between May 16, 2019 and May 16, 2019. 78 other organizations filed here. The comment window closed 2631d ago.

What U.S. Chamber of Commerce filed (1)

May 16, 2019· Comment Submitted by Kate Prochaska, US Chamber of Commerce, Center for Capital Markets Competitiveness· CFPB-2019-0006-28085

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

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Abstract

The Bureau of Consumer Financial Protection (Bureau) is proposing to rescind certain provisions of the regulation promulgated by the Bureau in November 2017 governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (2017 Final Rule or Rule). The provisions of the Rule which the Bureau proposes to rescind provide that it is an unfair and abusive practice for a lender to make a covered short term or longer term balloon payment loan, including payday and vehicle title loans, without reasonably determining that consumers have the ability to repay those loans according to their terms; prescribe mandatory underwriting requirements for making the ability to repay determination; exempt certain loans from the mandatory underwriting requirements; and establish related definitions, reporting, and record keeping requirements. This proposal is related to another proposal, published separately in this issue of the Federal Register, seeking comment on whether the Bureau should delay the August 19, 2019 compliance date for these portions of the 2017 Final Rule.

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Co-filers (78)

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