Financial Solutions Practice Group and Regulatory Transparency Project Teleforum
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One of several last acts of previous Bureau of customer Financial Protection (CFPB) Director Richard Cordray before he left to operate for Governor of Ohio in 2017 ended up being the issuance of the rule that is comprehensive payday advances, auto name loans, as well as other tiny buck loans. The centerpiece for the guideline might have imposed a fresh “capability to Repay” (ATR) underwriting standard on providers among these dollar that is small for extensions of credit to duplicate borrowers. The Rule ended up being planned to get into impact in 2019 august. In January for this 12 months, nevertheless, new CFPB Director Kathy Kraninger announced a Notice of Proposed Rulemaking that could rescind the ATR requirement. This teleforum talks about the logic regarding the 2017 Rule and also the known reasons for the CFPB’s reconsideration in 2010.
Prof. Todd Zywicki, George Mason University Foundation Professor of Law, Antonin Scalia Law Class at George Mason University