CFPB Offers Regulatory Relief for Small Loan Providers

The Consumer Financial Protection Bureau will not prioritize enforcement or supervision actions against small loan providers for penalties related to the Payment Withdrawal and Disclosure provisions until those rules take effect on March 30, 2025. This regulatory relief allows the Bureau to concentrate its supervisory resources on addressing pressing consumer threats, particularly for servicemen and veterans. Additionally, the agency is considering a proposed rulemaking to further narrow the scope of the existing regulation to better support American taxpayers and small businesses.

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The Consumer Financial Protection Bureau is announcing today that, with respect to the Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation, it will not prioritize enforcement or supervision actions with regard to any penalties or fines associated with the Payment Withdrawal provisions and the Payment Disclosure provisions once they become operative on March 30, 2025. The Bureau will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans. The Bureau takes this step in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses. The Bureau is further contemplating issuing a notice of proposed rulemaking to narrow the scope of the rule.

Source: Consumer Financial Protection Bureau — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works