On January 16, 2018, the CFPB released a statement declaring that “January 16, 2018 is the effective date of the Bureau of Consumer Financial Protection’s final rule entitled ‘Payday, Vehicle Title, and Certain High-Cost Installment Loans’ (‘Payday Rule’).” The CFPB stated that, while the Payday Rule does not require compliance until 2019, the January 16, 2018, effective dates makes April 16, 2018, the effective date to submit an application to become a registered information system under the rule. However, the CFPB noted its authority to waive the deadline, and stated that the CFPB “will entertain waiver requests from any potential applicant.”

To read the statement, visit: https://www.consumerfinance.gov/about-us/newsroom/cfpbstatement-payday-rule/

To read a copy of the rule, visit: https://www.federalregister.gov/documents/2017/11/17/2017-21808/paydayvehicle-title-and-certain-high-cost-installmentloans