An article in American Banker titled “CFPB goes back to the drawing board on payday rule” does a nice job discussing the rules. My personal opinion is that they’re waiting out for the next presidential election to fire us all up.
The effective date of the rules are August 2019. The article expects Mulvaney to redo the rules around February, 2019. My hope is that they do put some basic rules to stop the most egregious acts, and leave it at that. The current rules hurt the lender and borrower.
