CFPB’s Newest Rule Highlights a Need for Compliant Payment Processing
The Consumer Financial Protection Bureau (CFPB) issued its long-awaited payday lending rule (the “rule”) on October 4th. This rule, which will go into effect 21 months after publication in the Federal Register, gives entities until the summer of 2019 to digest and implement its contents. The rule will require lenders offering a payday loan to do an ability to repay test before awarding a loan and make it more difficult for borrowers to rollover these typically short-term, high-interest loans.
PaymentVision, a division of Autoscribe Corporation, is an industry-leading financial technology firm that offers a PCI-certified payment gateway that helps businesses accept electronic payments via their own call center, automated phone systems, web, or integrated software payment API. Recently named a top electronic payment solution by Collection Advisor Magazine, PaymentVision has thousands of customers and processes more than $2 billion in transactions annually. PaymentVision clients span several industries and include some of the largest collections, finance, municipalities, utilities, and healthcare companies in the nation.