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Volume 30 - Number 3

February 11, 2019

Payday Proposal Gets Rid of Underwriting Requirement

The CFPB may scrap the underwriting requirements of its 2017 payday lending rule, according to a proposal released last week. In the meantime, the ruleís compliance date has been pushed back to Nov. 19, 2020, from Aug. 19, 2019.

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Poll

Do mortgage lenders really need a new credit-scoring model or is the current FICO system adequate?

It’s fine. Stick with what works.

53%

Time for a change. Borrowers are different today.

35%

Undecided, still assessing the situation.

12%