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Legal Update

CFPB Brings Payday Blues with Final Ability to Repay Rule

16 October 2017
Mayer Brown Legal Update
On October 5, 2017, the Consumer Financial Protection Bureau (CFPB) released the “Payday Lending Rule,” the much-anticipated rule regulating payday and other small consumer loans. The core of the rule is a new ability-to-repay underwriting requirement for short-term loans and certain longer-term balloon loans. In this Legal Update, we describe the Payday Lending Rule’s requirements and potential effects on creditors offering payday loans and/or payday alternative credit products, as well as the broader consumer financial industry.

Authors

  • Kristie D. Kully
    T +1 202 263 3288
  • Stephanie C. Robinson
    T +1 202 263 3353
  • Eric T. Mitzenmacher
    T +1 202 263 3317
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