On Mar. 28, CFPB reported changes with small loan enforcements.
CFPB announced it will no longer prioritize enforcement or supervision actions associated with Payday, vehicle title, certain high-cost installment loans regulation.
Small Loan Updates
Will not prioritize enforcement or supervision actions regarding penalties, fines associated with payment withdrawal, payment disclosure provisions once operative.
Bureau will instead keep its enforcement and supervision resources focused on the pressing threats to the consumers, particularly the servicemen and the veterans.
Focus resources on supporting taxpayers, servicemen, veterans, and small businesses.
Further contemplating issuing notice of proposed rulemaking to narrow scope of rule.
