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CFPB RIN: 3170-AA80 Publication ID: Spring 2020 
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 revoke 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 April 2020, the Bureau intends to issue a final rule to revoke the mandatory underwriting requirements of the regulations promulgated in the 2017 rule. As amended, the regulations will no longer: (1) identify as an unfair and abusive practice a lender making a covered short-term or longer-term balloon-payment loan, including payday and vehicle title loans, without reasonably determining that consumers have the ability to repay those loans according to their terms; (2) prescribe mandatory underwriting requirements for making the ability-to-repay determination, or exempt certain loans from the mandatory underwriting requirements; and (3) include definitions or impose reporting and recordkeeping requirements relating to the mandatory underwriting requirements.  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  06/00/2020 
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