Industry communications with the Consumer Financial Protection Bureau (CFPB) appear to have paid off.
Nearly seven months after the implementation of the CFPB’s TILA-RESPA Integrated Disclosure (TRID) rule, the bureau announced that it would reopen rulemaking, with a notice of proposed rulemaking expected to be released by late July.
The CFPB came out with its proposed rules for payday lenders: 1,341 pages. This prompted one SF reader to quip, “Based on a quick Google search, the average Bible has about 1,200 pages. So the CFPB’s rules on one type of lender are longer than a book that entire civilizations base their lives upon? What’s wrong with this picture?” (Those wishing to comment on the Proposed Rule must do so by September 14.)