The Consumer Financial Protection Bureau recently announced that it will not prioritize enforcement or supervision actions regarding penalties or fines associated with the payment withdrawal provisions and the payment disclosure provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation.
Instead, the bureau will continue focusing its enforcement and supervision resources on pressing threats to consumers, especially those pertaining to servicemen and veterans.
“The bureau takes this step in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses,” the agency said.
The regulation went into effect on Sunday, and the bureau is considering issuing a notice of proposed rulemaking to narrow the scope of the rule.