CFPB Delays Small-Dollar Compliance Deadline

Jun 10, 2019
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.