CFPB Final Payday Rule - New Requirements for Short-Term, Auto-Title, and Other Covered Loans
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Gain an understanding of the new requirements set out in the CFPB final Payday Rule.Short-term loans, as well as longer-term loans with certain characteristics (such as loans with rates over 36% per year or large balloon payments), are a critical part of the lending market and provide many consumers with necessary access to funds. These types of loans, however, are now the subject of an aggressive new Payday Rule recently finalized by the Consumer Financial Protection Bureau. The Payday Rule places strict new requirements on industry participants offering covered loans, including requirements for determining borrowers' ability to repay, limitations on and additional requirements for initiating payment transfers and withdrawals, and detailed compliance and recordkeeping requirements. This topic will help industry participants identify whether their loans are implicated by the Payday Rule and, if so, what specific requirements must now be met. This information will also assist participants in developing a compliance program prior to the Rule's forthcoming effective dates. Failing to do so may have significant repercussions both in terms of government enforcement and private litigation risk, which will also be highlighted throughout the material, with best compliance practices identified to avoid such risk. This information is critical for any lenders who offer covered loans or are considering offering covered loans, and will assist them in charting a course for compliance in advance of the various effective dates for different Rule requirements which start as soon as January 2018.
Jennifer Janeira Nagle, K&L Gates LLP Robert W. Sparkes III, K&L Gates LLP
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