The CFPB is publishing a notice in tomorrow’s Federal Register to correct the comment deadline for its payday loan Request for Information (RFI). The corrected deadline will be November 7, 2016.
The RFI seeks feedback regarding consumer protection concerns pertaining to (1) loan products outside the scope of the CFPB’s proposed payday loan rule, and (2) “risky” credit practices not covered by the proposed rule.
Last Friday, the CFPB’s proposed payday loan rule and RFI were published in the Federal Register. When they were issued in June, the proposal and RFI had comment deadlines of, respectively, September 14, 2016 and October 14, 2016. In the version published in the Federal Register, the comment deadline for the payday loan proposal was extended to October 7. However, October 14 remained the comment deadline for the RFI in the published version.