SAN ANTONIO—A judge in the U.S. District Court for the Western District of Texas has ordered a stay of the implementation date of the Bureau of Consumer Financial Protection’s short-term, small-dollar lending rule.
The rule is scheduled to go into effect in August 2019, but the Bureau said Oct. 26 that it intends to issue a proposed rule in January.
The Bureau said the focus of the January proposal will be on the ability-to-repay provisions in the rule, due to their greater impact on consumers and the financial services industry, reported CUNA.
CUNA Chief Advocacy Officer Ryan Donovan said he hopes the Bureau will consider a full exemption for credit unions from the rule, while continuing to address consumer abuse.