On the effective date for the Consumer Financial Protection Bureau’s rule covering small-dollar lending, the bureau issued a statement that it intends to reopen rulemaking and accept waiver requests for entities considering applying to be a registered information system.
“The bureau intends to engage in a rulemaking process so that the bureau may reconsider the payday rule,” the CFPB said in its statement.
Read on for the reasons why the bureau is reviewing the rule and reaction from supporters and critics of the decision.
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