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Course description

“The Payday Lending Rule became effective on January 16, 2018. However, the Rule’s general compliance date is August 19, 2019. Thus, by its terms, the Rule does not require lenders to comply with the Rule’s payment provisions or the related compliance program and record retention requirements until August 19, 2019. The compliance date, however, is currently stayed (delayed) pursuant to a court order issued in Community Financial Services Association v. CFPB, No. 1:18-cv-00295 (W.D. Tex. Nov. 6, 2018). As a result, lenders have no obligation to comply with the Rule until the court-ordered stay is lifted." (Small entity compliance guide for the rule)

The Bureau, for its part, has proposed – and is likely to finalize – a 15-month delay of the effective date for the underwriting requirements in subpart B of the rule, until November 19, 2020. The CFPB also suggested in a separate notice of proposed rulemaking published the same day  that the underwriting requirements may be permanently rescinded before that November 2020 effective date arrives.

What’s left – the rest of the rule – isn’t directly affected by either of those two documents published in the Federal Register on February 14, 2019. And that’s what we’ll focus on in this webinar, because it’s possible that the court in Community Financial Services Association v. CFPB will lift its stay on the Rule now that the Bureau has shown a willingness to delay, and possibly rescind, the underwriting portion.

In our two-hour-presentation, we will focus on the key definitions in subpart A and the payment and recordkeeping portions of the rule in subparts C and D.

You will receive information on these and other topics that will enable you to understand whether your institution makes the types of loans covered by the rule and, if so, what your institution will need to do to comply with the rule when it becomes effective:

  • The scope of loans covered by the rule
  • Exemptions from coverage
  • The role of “leveraged payment mechanisms”
  • Alternative loans
  • Credit union small loans
  • Accommodation loans
  • Unfair and abusive practices
  • Permitted and prohibited methods for obtaining payments
  • Borrower authorizations for payments
  • Required disclosures related to payment authorizations
  • Required notices of payment attempts
  • Recordkeeping requirements
  • Severability of requirements
  • … and more


Compliance officers, audit personnel, consumer lenders, lending management


John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc. and the team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.

Course curriculum

  • 1


    • The Payday Lending Rule – What you should be doing NOW!

  • 2


    • Slides

    • Materials

    • Attendance Sheet

    • Questions and Answers