The Payday Lending Rule – Update and status check - 2020
Presented by
John Burnett
Recorded on December 9, 2020 —1 hour
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The Payday Lending Rule's general compliance date was supposed to be August 19, 2019. That date, however, is currently stayed (delayed) under an order in a federal court case challenging the CFPB's legitimacy and the validity of the Rule. As a result, lenders have no obligation to comply with the Rule until the court-ordered stay is lifted.
Earlier this year, the Supreme Court cleared up the legal status of the CFPB when it ruled that the Bureau’s management structure was unconstitutional because the director could only be dismissed by the president for cause, but ordered that the language of the law be changed to provide for dismissal at the will of the president. That hasn’t satisfied the plaintiff in the lawsuit filed in the federal court in Texas. We’ll discuss the plaintiff’s stance and any developments that may change the status of the Rule.
Is your bank ready? Have you figured out whether you make loans that will be subject to the rule? Will your bank qualify for an important exemption from the Rule's requirements?
In this one-hour presentation, you will --
In addition to those important topics discussed in our presentation, you'll also get written materials with information on what your institution needs to do if the stay is lifted and the rule becomes effective. It covers
WHO SHOULD ATTEND:
Compliance officers, audit personnel, consumer lenders, lending management
John Burnett
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