The Consumer Financial Protection Bureau’s rule on short-term/payday lending likely will have major implications for auto title lenders and large depository institutions. The rule reflects some recommendations from smaller lenders who advocated for exemptions from certain aspects of the rule.
Once implemented, the rule will require lenders to determine whether the borrower can afford loan payments and neglecting basic living expenses and major financial obligations.
Find out how this rule may impact areas of the financial industry and an interview with the Consumer Bankers Association.