CFPB Releases Small Dollar Lending FAQs

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The Consumer Financial Protection Bureau (CFPB) has released FAQs on the Small Dollar Lending Rule. The CFPB had issued the final rule in July. The questions and answers pertain to compliance with the Payday Lending Rule and are a meant to serve as a Compliance Aid. To go along with the FAQs, the CFPB published a Policy Statement on Compliance Aids, that explains the CFPB’s approach to Compliance Aids.

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