1.2.2 Effective date and compliance date of the Payday Lending Rule The Payday Lending Rule became effective on January 16, 2018. However,the Rule’s compliance date for the payment-related requirements is August 19, 2019.5 Thus, by its terms, the Rule does not require lenders to comply with the Rule’s payment-relatedrequirementsuntil August 19, 2019. See 12 CFR 1041.15. The compliance date, however, is currently stayed pursuant to a court order issued in Community Financial Services Association v. CFPB, No. 1:18-cv-00295 (W.D. Tex. Nov. 6, 2018). As a result, lenders have no obligation to comply with the Rule until the court-orderedstay is lifted. Read more on p. 5 of the Small Entity Compliance Guide here.
- August 19, 2019
- Time: All Day