The customer Financial Protection Bureau is anticipated to eliminate underwriting requirements in a highly expected revamp of their payday lending rule, in accordance with sources acquainted with the bureau’s proposition.
The CFPB in October signaled its fascination with “revisiting” the ability-to-repay conditions within the 2017 small-dollar lending guideline granted under previous Director Richard Cordray.
But sources knowledgeable about the agency’s reasoning say the CFPB — now led by Trump appointee Kathy Kraninger — has concluded the most useful approach is to get rid of those conditions completely.