Financial Solutions Practice Group and Regulatory Transparency Project Teleforum
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Among the last functions of previous Bureau of customer Financial Protection (CFPB) Director Richard Cordray before he left to operate for Governor of Ohio in 2017 had been the issuance of the comprehensive rule governing pay day loans, automobile name loans, as well as other little dollar loans. The centerpiece associated with the guideline will have imposed a unique “capability to Repay” (ATR) underwriting standard on providers of these dollar that is small for extensions of credit to duplicate borrowers. The Rule was planned to get into impact in 2019 august. In January of the 12 months, nonetheless, brand new CFPB Director Kathy Kraninger announced a Notice of Proposed Rulemaking that could rescind the ATR requirement. This teleforum covers the logic associated with 2017 Rule in addition to grounds for the CFPB’s reconsideration this present year.
Prof. Todd Zywicki, George Mason University Foundation Professor of Law, Antonin Scalia Law Class at George Mason University
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