The Consumer Financial Protection Bureau issued a final rule
to delay the Aug. 19, 2019, compliance date for the underwriting provisions of its 2017 small-dollar rule by 15 months. The new compliance date is Nov. 19, 2020.
In a March comment letter
, ICBA backed the agency’s 15-month delay and urged the bureau to delay the compliance date for the entire final rule until Dec. 31, 2021.
In a separate comment letter
in May, ICBA encouraged the CFPB to promote community banks as model small-dollar lenders and called on the bureau to allow flexibility for banks to develop and manage their own reasonable underwriting guidelines.