Bass, Berry & Sims attorney Tony McFarland authored an article for Westlaw Journal Bank & Lender Liability on the impact of the Consumer Financial Protection Bureau's (CFPB) proposed regulations on payday lending. The proposed regulations, open for public comment until October 7, 2016, could alter the way lenders target and offer payday loans. According to Tony, "the most controversial portion of the payday loan rule is its imposition of a requirement that, before making a covered short-term loan, the lender must conduct a fairly extensive determination of the borrower’s ability to repay and still meet his other major financial obligations and basic living expenses."
The full article, "Proposed Payday Lending Regulations: Quick Fix or Quicksand?" was published by Westlaw Journal Bank & Lender Liability on September 6, 2016, and is available in the PDF below.