Consumer watchdog delays payday lending rule

 

Source: Katanga Johnson, Reuters

The U.S. Consumer Financial Protection Bureau said it is once again extending the compliance date for an ability-to-repay provision of a rule cracking down on payday lenders.

Payday firms will now have until Nov. 19, 2020 to begin ensuring borrowers have the means to repay a loan, as well as meet other living expenses, when the loan comes due, typically within 30 days.

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