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Stephen Fogdall Spoke on CFPB’s Proposed Payday Lending Rule

On April 28, 2017 by Schnader

Partner and Financial Services Litigation Chair Stephen A. Fogdall presented a Knowledge Group webinar “CFPB’s Expansive Payday Lending Rule: Outlook on the Regulatory Future” on April 28, 2017. In June 2016, the Consumer Financial Protection Bureau issued a proposed rule regarding payday loans. The rule requires lenders to ensure that consumers have the ability to repay their loans without re-borrowing. Mr. Fogdall discussed fundamentals of the rule as well as best practices to mitigate risk while ensuring compliance with the law.