Payday Lending and Regulation OO 2022 Update Webinar

On October 5, 2017 the Consumer Financial Protection Bureau’s (CFPB) published Regulation OO to implement the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Payday Loan Rule). The final rule was effective on October 20, 2020; however, the Payment Provisions were stayed by a court order. On August 31, 2021, the U.S. District Court for the Western District of Texas, granted the Consumer Financial Protections Bureau’s (CFPB) motion for summary judgment in Community Financial Services Association of America, Ltd., Consumer Service Alliance of Texas v. Consumer Financial Protection Bureau [and its Director], and ordered that the compliance date of the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” Rule (12 CFR Part 1041) be stayed until 286 days after the date of the court’s order, June 13, 2022. Subsequently the plaintiffs appealed the ruling. During October 2021 the court extended the effective date until 286 days after the appeal is settled.

Most depository institutions do not originate large volumes of “covered loans”. For those with limited covered loans, it is reasonable to tweak the product line-up to avoid the massive new rules. How do you evade the requirements of a regulation that contains two separate requirements (Sections 1041.5(e) and .13) that prohibit evasion? That is one of the many questions answered in this program.

Covered Topics
  • Which financial institutions are covered by Regulation OO;
  • What loans are covered by Regulation OO, what loans are exempt, and options for managing loan products to avoid coverage;
  • The basic requirements of the Payday Rule including:
    • Key definitions from subpart A;
    • The elimination of the underwriting provisions from subpart B;
    • The payments provisions, including the unfair and abusive practices, prohibited payment transfer attempts rules and the disclosure requirements for attempted payments, from subpart C; and
    • The information furnishing, recordkeeping, anti-evasion and severability provisions of subpart D.
  • When the various provisions take effect; and
  • For every financial institution, between now and next June:
    • Policies and procedures must be developed or revised;
    • Training must be completed; and
    • Systems must be developed or updated.
Who Should Attend

The program is designed for lending department management, operations staff, lenders, compliance officers, auditors, and everyone involved in implementing the new rules or adapting current offerings to avoid the compliance burden.

Continuing Education (CE) Credits

This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.

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Related Topics

Instructor

Jack Holzknecht
Jack Holzknecht

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 45 years. In 40 years as a trainer over 150,000 bankers (and many examiners) have part... read more.

Course TitleCreditsStart DateStart TimeDelivery TypeDelivery OptionInstructor / LocationPrice
Payday Lending and Regulation OO 2022 Update Webinar.25 Any AnyWebinarOn-Demand Jack Holzknecht$279.00 Register Now
Delivery Options

Webinars for Banks and Credit Unions

Live Webinar:

INCLUDES 30 DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a phone for the audio. You can type and send your questions to the instructor.  And don‰’t worry if you miss the webinar, you can still view it for up to thirty days after it takes place!

Live Plus Twelve Months OnDemand Playback:

With this option, you will receive the live version, then you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The link will be available to you (and anyone else in the company) for up to twelve months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.

Live, Twelve Months OnDemand Playback PLUS CD-ROM VIDEO:

By adding the CD-Rom to your order, you will have non- internet access to make the webinar part of your training library.  The CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.

Recorded Webinar Options available as Twelve Months OnDemand and Twelve Months OnDemand and CD-Rom

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