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United States: CFPB's Final Payday Lending Rule: The Long And Short Of It - Mayer Brown

Mondaq Friday, 6 October 2017 ()
On October 5th, the CFPB finalized its long-awaited payday lending rule, reportedly five years in the making.
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News video: Payday Loans Rules Are Gonna Pinch

Payday Loans Rules Are Gonna Pinch 00:37

According to the country’s consumer financial watchdog, revenues for the $6 billion payday loan industry will shrivel under a new U.S. rule restricting lenders’ ability to profit from high-interest, short-term loans. Much of the business could move to small banks. The Consumer Financial...

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