WASHINGTON–After receiving nearly 190,000 comment letters, the CFPB said it expects to have a final, revised rule on payday lending in place by April of 2020.
Speaking to the National Association of Attorneys General in Washington, CFPB Director Kathleen Kraninger said she maintains “an open mind about the final rulemaking and the Bureau’s efforts related to payday lending.”
Numerous consumer groups have been critical of the CFPB, claiming it has watered down consumer protections and favors the payday lending industry.
Meanwhile, Kraninger said the Bureau continues to receive and review comments related to its proposal on debt collection rules, on which it has received 14,000 letters to date.
Kraninger added the CFPB has completed testing of consumer disclosures related to time-barred debt disclosures that were not addressed in a May 2019 proposal, and said plans call for the release of a Supplemental Notice of Proposed Rulemaking in early 2020.