CFPB’s Newest Rule Highlights a Need for Compliant Payment Processing Whitepaper Thumbnail

The Consumer Financial Protection Bureau (CFPB) issued its long-awaited payday lending rule (the “rule”) on October 4th. This rule, which will go into effect 21 months after publication in the Federal Register, gives entities until the summer of 2019 to digest and implement its contents. The rule will require lenders offering a payday loan to do an ability to repay test before awarding a loan and make it more difficult for borrowers to rollover these typically short-term, high-interest loans.