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BPI Responds to CFPB’s Proposal to Rescind the Mandatory Underwriting Provisions of the 2017 Payday Lending Rule

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BPI Responds to CFPB’s Proposal to Rescind the Mandatory Underwriting Provisions of the 2017 Payday Lending Rule

On May 15, BPI submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) in response to a notice of proposed rulemaking issued by the agency. The letter requested that the CPPB use the same legal and evidentiary basis for the payment provisions of the rule that it is proposing to use for the mandatory underwriting provisions. This would limit the application of the rule to traditional safe and sound bank products, which do not pose the same risks the rule intends to address.

The letter can be accessed by clicking the download link below.

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