On March 28, the CFPB announced it would not prioritize enforcement or supervision actions related to penalties or fines associated with the payment withdrawal and payment disclosure provisions of the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” rule (the Payday Lending Rule) which will become operative on March 30. The payment withdrawal and payment disclosure provisions were the only two provisions that remained following the rule’s concision in 2020. In its March 28, announcement, the Bureau stated that it will instead focus its resources on more pressing consumer threats, particularly those affecting servicemen and veterans, and was considering issuing an NPRM to narrow the rule’s scope. As previously covered by InfoBytes, the CFPB first announced the Payday Lending Rule in 2017 would go into effect on March 30 after concluding litigation regarding the rule.
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