CFPB Sets June 2022 Effect Date for Payday Lending Restrictions

The Consumer Financial Protection Bureau said payday lenders will have to conform by June next year its new restrictions on their access to consumers’ bank accounts, unless they appeal a court ruling that allowed the bureau to implement the rules.

The restrictions—including a requirement that bars payday and vehicle title lenders from accessing bank accounts following two unsuccessful attempts, unless they get consumers’ approval—will take effect on June 13, 2022, pending any further court action, according to a Tuesday statement from Acting CFPB Director Dave Uejio.

Uejio’s announcement came after Judge Lee Yeakel of the U.S. District Court for the ...