menu bars.

CFPB Issues Final Rule on Small Dollar Lending

The Consumer Financial Protection Bureau (CFPB) issued a final rule on July 7, 2020 on small dollar lending. The final rule rescinds the mandatory underwriting provisions of the previous rule issued by the CFPB in 2017.

According to the press release issued by the CFPB, rescinding the mandatory underwriting provisions of the 2017 rule “ensures that consumers have access to credit and competition in states that have decided to allow their residents to use such products, subject to state-law limitations.”

The entire press release issued by the CFPB, along with a link to the final rule, can be accessed here.