Today, the Bureau of Consumer Financial Protection issued a public statement of its intent to issue proposed rules in January 2019 to reconsider its final rule regarding payday, vehicle title, and certain high-cost installment loans, commonly referred to as the “payday loan rule,” and to address the rule’s compliance date.  The Bureau is currently planning

Arizona recently became the first state in the U.S. to create a “regulatory sandbox” program to facilitate the development of innovative financial products and services. Such products would either incorporate new or emerging technology or reimagine uses of existing technology. The program would exempt participants from certain state financial regulations, but not federal requirements.

On

Yesterday, the Office of the Comptroller of the Currency issued a bulletin encouraging national banks and federal savings associations to make short-term, small-dollar installment loans that are both safe and affordable available to consumers.

The bulletin observes that despite the need, many banks have withdrawn from this market, forcing consumers to turn to non-bank lenders.