Rule on Bounced Payday and High-Cost Loan Payments Now in Effect
The CFPB’s pared down Payday Loan Rule finally went into effect on March 30, 2025. This article explains three surprising facts about the rule’s importance to consumer practitioners: the rule’s provisions offer significant protections, apply to many forms of high-cost lending, and the rule offers substantial assistance in private litigation involving not only overdraft and NSF fees, but also any litigation involving high-cost lenders.