{"abstract":"The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to amend its regulations governing payday, vehicle title, and certain high-cost installment loans. Specifically, the Bureau is revoking provisions of those regulations that: Provide that it is an unfair and abusive practice for a lender to make a covered short-term or longer-term balloon-payment loan, including payday and vehicle title loans, without reasonably determining that consumers have the ability to repay those loans according to their terms; prescribe mandatory underwriting requirements for making the ability-to-repay determination; exempt certain loans from the mandatory underwriting requirements; and establish related definitions, reporting, recordkeeping, and compliance date requirements. The Bureau is making these amendments to the regulations based on its re- evaluation of the legal and evidentiary bases for these provisions.","action":"Final rule.","agencies":[{"raw_name":"BUREAU OF CONSUMER FINANCIAL PROTECTION","name":"Consumer Financial Protection Bureau","id":573,"url":"https://www.federalregister.gov/agencies/consumer-financial-protection-bureau","json_url":"https://www.federalregister.gov/api/v1/agencies/573","parent_id":null,"slug":"consumer-financial-protection-bureau"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2020/07/22/2020-14935.html","cfr_references":[{"chapter":null,"citation_url":null,"part":"1041","title":12}],"citation":"85 FR 44382","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"This rule is effective October 20, 2020.","disposition_notes":null,"docket_ids":["Docket No. CFPB-2019-0006"],"dockets":[],"document_number":"2020-14935","effective_on":"2020-10-20","end_page":44446,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2020/07/22/2020-14935.xml","html_url":"https://www.federalregister.gov/documents/2020/07/22/2020-14935/payday-vehicle-title-and-certain-high-cost-installment-loans","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2020-14935?publication_date=2020-07-22","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2020-07-22/2020-14935/mods.xml","not_received_for_publication":null,"page_length":65,"page_views":{"count":7627,"last_updated":"2026-10-23 02:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2020-07-22/pdf/2020-14935.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-14935.pdf?1595335517","publication_date":"2020-07-22","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2020/07/22/2020-14935.txt","regulation_id_number_info":{"3170-AA80":{"issue":"202004","html_url":"https://www.federalregister.gov/regulations/3170-AA80/payday-vehicle-title-and-certain-high-cost-installment-loans","title":"Payday, Vehicle Title, and Certain High-Cost Installment Loans","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202004&RIN=3170-AA80&operation=OPERATION_EXPORT_XML","priority_category":"Other Significant"}},"regulation_id_numbers":["3170-AA80"],"regulations_dot_gov_info":{"supporting_documents":[{"title":"Responsive Materials to Senate Document Request","document_id":"CFPB-2019-0006-1216"},{"title":"This is duplicative of CFPB-2019-0006-1216","document_id":"CFPB-2019-0006-1127"},{"title":"Email from Ronald Mann, Professor, Columbia Law School to Jialian Wang and Jesse Leary, Bureau of Consumer Fin. Prot., (Sept. 24, 2013)","document_id":"CFPB-2019-0006-0010"},{"title":"nonPrime101, Report 7C: A Balanced View of Storefront Payday Borrowing Patterns, (2016)","document_id":"CFPB-2019-0006-0009"},{"title":"nonPrime101, Report 8: Can Storefront Payday Borrowers Become Installment Loan Borrowers? Can Storefront Payday Lenders Become Installment Lenders?, (2015)","document_id":"CFPB-2019-0006-0008"},{"title":"John Hecht, Short Term Lending Update- Moving Forward with Positive Momentum (4-18-18)","document_id":"CFPB-2019-0006-0007"},{"title":"wrong order","document_id":"CFPB-2019-0006-0006"},{"title":"wrong order","document_id":"CFPB-2019-0006-0005"},{"title":"wrong order","document_id":"CFPB-2019-0006-0004"},{"title":"wrong order","document_id":"CFPB-2019-0006-0003"}],"regulatory_plan":{"html_url":"https://www.federalregister.gov/regulations/3170-AA80/payday-vehicle-title-and-certain-high-cost-installment-loans","title":"Payday, Vehicle Title, and Certain High-Cost Installment Loans"},"comments_count":0,"agency_id":"CFPB","comments_url":"https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=CFPB-2019-0006","supporting_documents_count":11,"docket_id":"CFPB-2019-0006","document_id":"CFPB-2019-0006-188549","regulation_id_number":"3170-AA80","title":"Payday, Vehicle Title, and Certain High-Cost Installment Loans","checked_regulationsdotgov_at":"2020-07-24T08:00:07Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":44382,"subtype":null,"title":"Payday, Vehicle Title, and Certain High-Cost Installment Loans","toc_doc":"Payday, Vehicle Title, and Certain High-Cost Installment Loans","toc_subject":null,"topics":["Banks, banking","Consumer protection","Credit","Credit unions","Reporting and recordkeeping requirements","Savings associations","Trade practices"],"type":"Rule","volume":85}