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Course Details

CFPB Final Payday Rule - New Requirements For Short-Term, Auto-Title, And Other Covered Loans

Webinar: ID# 1028718
Recorded CD or On-Demand
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About This Course:
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 webinar 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 class, 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.

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
About The Presenters

Jennifer Janeira Nagle
  • 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
  • National Association of Women Lawyers: Member, Planning Committee
  • J.D. degree, University of Pennsylvania Law School; B.A., degree, Drew University
Robert W. Sparkes, III
  • 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 financial institutions and services litigation, consumer finance class action and individual litigation matters, and consumer-finance related government inquiries and investigations; counsels clients in connection with compliance with various financial services and consumer protection laws and regulations
  • Written several publications and regular speaker on topics related to the areas of class action litigation, consumer financial issues, consumer institution and financial services litigation and compliance, arbitration, commercial lending, and other related issues
  • J.D. degree, Boston University School of Law; B.A. degree, Stonehill College
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CFPB Final Payday Rule - New Requirements For Short-Term, Auto-Title, And Other Covered Loans
Available on CD or On-Demand formats
Qty:
Course Details
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