REGULATORY ALERT

Dear Panels of Directors and Ceos:

On July 22, 2020, the buyer Financial Protection Bureau issued a rule that is finalstarts new screen) amending elements of this Payday, car Title, and Certain High-Cost Installment Loans Rule, 12 CFR Part 1041 (CFPB Payday Rule). Although the CFPB Payday Rule became effective on January 16, 2018, the compliance dates are currently stayed pursuant up to a court purchase issued due to pending litigation. 1 because of this, loan providers aren’t obliged to adhere to the guideline before the court-ordered stay is lifted.

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