IN THE NEWS: CFPD Releases Final Rule on Payday Lending
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IN THE NEWS: CFPD Releases Final Rule on Payday Lending

October 5, 2017 - The Consumer Financial Protection Bureau released its final rule addressing short term loans. The Rule dictates what constitutes unfair and abusive practices regarding a borrower’s ability to repay loans, as well as reporting requirements and payment restrictions. The CFPB, however, did not issue final rules regarding underwriting requirements for long term loans that do not have balloon payments.