ALEXANDRIA, Va.–NCUA has issued a regulatory alert related to provisions of the CFPB’s payday lending rule, which was revised last month. The agency noted the compliance deadlines under the CFPB’s payday lending rule are stayed under a court order due to pending litigation.
As a result, the CFPB has delayed the compliance deadline for its rule until Nov. 20, 2020. Compliance won’t be required before that date and not until the stay is lifted, NCUA said.
The NCUA alert further reminded that with the July revisions to the rule the CFPB rescinded:
- A requirement for a lender to determine a borrower’s ability to repay before making a covered loan
- The underwriting requirements for making the ability-to-repay determination
- Some recordkeeping and reporting requirements
NCUA further said provisions relating to payment withdrawal restrictions, notice requirements, and related recordkeeping requirements for covered short-term loans, covered longer-term balloon payment loans, and covered longer-term loans were not changed by the July final rule,