CFPB Says It Will Reconsider Its Rule On Payday Lending

CFPB Says It Will Reconsider Its Rule On Payday Lending

This is the latest example of the deregulatory direction being taken by Acting Director Mulvaney, who was appointed by President Trump last November.

The watchdog, created under the Dodd-Frank safeguards approved after the financial crisis, said in a statement that it "intends to engage in a rulemaking process so that the bureau may reconsider the payday rule". He announced Tuesday that the agency would reopen its final rule targeting payday lending, a decision that has sparked condemnation by Democrats and consumer groups.

Mick Mulvaney speaks during a news conference after his first day as acting director of the Consumer Financial Protection Bureau in Washington on November 27.

The Consumer Financial Protection Bureau on enforcement, supervision, rule-making, market monitoring and education - which is most everything the Obama-era regulator was set up to do.

Under its first permanent director, Richard Cordray, the CFPB exercised its mandate aggressively, putting into place new regulations impacting huge swaths of the banking industry from mortgages to prepaid debit cards.

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Payday loans often run between $200 and $1,000, due when a borrower receives the next paycheck. They would require lenders to take greater pains to make sure borrowers can pay them back, limit how many loans they could take out in succession and cap attempts to take money directly from a consumer's bank account.

"The CFPB thoroughly and thoughtfully considered every aspect of this issue over the course of several years", Karl Frisch, executive director of progressive group Allied Progress, said in a statement. Noting that parts of the rule went into effect Tuesday, the CFPB also said it would "entertain waiver requests" from payday lenders. Republicans and many financial firms have complained that it has been too aggressive. "The CFPB's misguided rule will only serve to cut off their access to vital credit when they need it the most".

"Millions of American consumers use small-dollar loans to manage budget shortfalls or unexpected expenses", Dennis Shaul, CEO of the Community Financial Services Association of America, said in October. Today's effective date also establishes April 16, 2018, as the deadline to submit an application for preliminary approval to become a registered information system ("RIS") under the Payday Rule.

In contrast, Allied Progress, a consumer group backed in part by the New Venture Fund, a public charity focused on conservation, education and other issues, argued that Mulvaney is biased against the payday lending rule because he "took thousands of dollars from the payday industry" in the form of campaign contributions when he served as a Republican U.S. House member from SC.

At the other end of Pennsylvania Avenue, late past year a group of House Members initiated legislation that would use the Congressional Review Act to kill the Payday rule.

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