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CFPB Final Payday Rule - New Requirements for Short-Term, Auto-Title, and Other Covered Loans

Gain an understanding of the new requirements set out in the CFPB final Payday Rule.

Short-term loans, as well as longer-term loans with certain characteristics (such as loans with rates over 36% per year or large balloon payments), are a critical part of the lending market and provide many consumers with necessary access to funds. These types of loans, however, are now the subject of an aggressive new Payday Rule recently finalized by the Consumer Financial Protection Bureau. The Payday Rule places strict new requirements on industry participants offering covered loans, including requirements for determining borrowers' ability to repay, limitations on and additional requirements for initiating payment transfers and withdrawals, and detailed compliance and recordkeeping requirements. This topic will help industry participants identify whether their loans are implicated by the Payday Rule and, if so, what specific requirements must now be met. This information will also assist participants in developing a compliance program prior to the Rule's forthcoming effective dates. Failing to do so may have significant repercussions both in terms of government enforcement and private litigation risk, which will also be highlighted throughout the material, with best compliance practices identified to avoid such risk. This information is critical for any lenders who offer covered loans or are considering offering covered loans, and will assist them in charting a course for compliance in advance of the various effective dates for different Rule requirements which start as soon as January 2018.

Runtime: 92 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Path to the Payday Rule and Current State of Rule

  • Historical Payday Rule Regulation (or Lack Thereof)
  • History of the Rule Through Finalization This Year
  • Current State Given Legislation to Repeal the Rule Under the Congressional Review Act

Covered Loans

  • Short-Term Loans
  • Longer-Term Balloon Payment Loans
  • Longer-Term Loans With Certain Interest and Payment Characteristics

Ability to Repay Requirements

  • Unfair and Abusive Practice to Make a Covered Loan Without Determining Ability to Repay
  • Two Available Underwriting Requirements Set out by the Rule to Meet the Rule's Requirements
  • Historic Ability to Repay Litigation and Lessons Learned

Payment-Related Requirements

  • Unfair and Abusive Practice to Make Withdrawal Attempts Under Certain Circumstances
  • Prohibition Parameters
  • Notice and Authorization Requirements
  • Disclosure Requirements

Recordkeeping, Information, and Compliance

  • Registered Information Systems and Information Required to Be Furnished
  • Developing a Compliance Program; Policies and Procedures to Be Maintained, Training, and Monitoring
  • Loan Document Retention Requirements
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on October 18, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jennifer Janeira Nagle

Jennifer Janeira Nagle

K&L Gates LLP

  • Partner in the Boston office of K&L Gates LLP
  • Practices in complex civil and commercial litigation, with emphases in financial institutions and services litigation and class action litigation defense; counsels clients in connection with compliance with various financial services and consumer protection laws and regulations, as well as in connection with government inquiries and investigations
  • Regularly writes publications and speaks on topics in the area of financial institutions and services litigation and compliance, as well as on topics relevant to class action risk and defense
  • J.D. degree, University of Pennsylvania Law School, 2007; B.A. degree, Drew University, 2003
  • National Association of Women Lawyers: Member, Planning Committee
  • Can be contacted at [email protected] or (617) 951-9197
Robert W. Sparkes, III

Robert W. Sparkes, III

K&L Gates LLP

  • Partner in the Boston office of K&L Gates LLP
  • Practice emphasizes all aspects of complex civil and commercial litigation, with a primary focus on defending consumer finance related and other class action litigation in federal and state courts throughout the United States and representing clients in arbitration matters, including pursuing motions to compel arbitration in trial and appellate courts; advising consumer-finance and mortgage lending entities in connection with government inquiries and investigations; and counseling clients in connection with compliance with various financial services and consumer protection laws and regulations
  • Author of several publications and regular speaker on topics related to the areas of class action litigation, arbitration, the enforceability of class action waivers in arbitration agreements, consumer financial issues, consumer institution and financial services litigation and compliance, commercial lending, and other related issues
  • J.D. degree, Boston University School of Law, 2005; B.A. degree, Stonehill College, 2002
  • Can be contacted at [email protected] or (617) 951-9134
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Pay once and get a full year of unlimited training in any format, any time!

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  • State Specific Credit Tracker
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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 401673
Published 2018
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