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CFPB RIN: 3170-AA80 Publication ID: Fall 2019 
Title: Payday, Vehicle Title, and Certain High-Cost Installment Loans 

The Bureau announced in 2018 that it intended to open a rulemaking to reconsider its 2017 rule titled Payday, Vehicle Title, and Certain High-Cost Installment Loans. The Bureau issued a Notice of Proposed Rulemaking (NPRM) in February 2019 that proposed to rescind provisions of the rule concerning the mandatory underwriting of covered short-term and longer-term balloon payment loans, including payday and vehicle title loans, and related reporting and recordkeeping requirements. In the NPRM, the Bureau initially determined that the evidence underlying the identification of the unfair and abusive practice in the mandatory underwriting provisions of the 2017 rule was not sufficiently robust and reliable to support that determination, in light of the impact those provisions will have on the market for covered short-term and longer-term balloon-payment loans, and the ability of consumers to obtain such loans, among other things. The Bureau also initially determined that its approach for unfairness and abusiveness determinations was sufficiently problematic to necessitate reconsideration. Based on its reconsideration of those issues, the Bureau proposed to rescind the mandatory underwriting provisions in their entirety. Further information on the procedural history of this rule is available under related RIN 3170-AA40, which pertains to the final rule the Bureau issued in November 2017.

Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
EO 13771 Designation: Independent agency 
CFR Citation: 12 CFR 1041   
Legal Authority: 12 U.S.C. 5512    12 U.S.C. 5531 and 5532   
Legal Deadline:  None
Action Date FR Cite
NPRM  02/14/2019  84 FR 4252   
NPRM Comment Period End  05/15/2019 
Final Rule  04/00/2020 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL:  
RIN Data Printed in the FR: No 
Related RINs: Related to 3170-AA40 
Agency Contact:
Lawrence Lee
Office of Regulations
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-7700