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WBK Industry News - Federal Regulatory Developments

CFPB Updates Payday Section of the Supervision and Examination Manual

The CFPB recently updated the Short-Term, Small-Dollar Lending (i.e., Payday Lending) examination procedures, dated March 2019, in their Supervision and Examination Manual.

The examination procedures include five modules that cover a payday loan’s lifecycle.  Each module includes relevant matters to be examined, and the modules are titled:

  • Marketing
  • Application and Origination
  • Payment Processing and Sustained Use
  • Collections, Accounts in Default, and Consumer Reporting
  • Service Provider Relationships

Please also see WBK’s federal industry news article dated March 7, 2019, regarding the CFPB’s Small Entity Compliance Guide for the Payday Lending Rule.