b'in part, to curb the use of partnerships between banksin the Summer and Fall 2021 Supervisory Highlightsand non-banks. Failure to comply may result in the loannamely (1) misrepresentations regarding intent to sue becoming null and void. Although Illinois Governorborrowers who fail to repay loans; (2) misrepresentations JB Pritzker characterized the PLPA as restrict[ing] concerning whether the lender will check the consumers usurious loans in Illinois, some lenders believe thecredit history when making a decision on whether to interest late is far too low and have said the law hasextend credit; and (3) deceptive presentation of fee-forced lenders to stop operating in the state becausebased repayment options to borrowers contractually theyre unable to cover overhead with a 36% interesteligible for no-cost repayment plans leading consumers rate cap. Lenders have criticized the law as tak[ing] ato believe no-cost installment repayment options did lifeline away from those who need it, which will lead tonot exist; (4) erroneous debiting and misrepresentations fees for bounced checks and overdrafts, exceeding theregarding loan extensions; and (5) unauthorized, cost of a payday loan. duplicative debits.Looking Ahead to 2022 What to Watch In 2022, watch for CFPB Director Chopras increasedDirector Chopras revisiting of payday lending rules focus on payday lendingparticularly with theeased under Trump administration;advent of the long-anticipated payday lending rule in June 2022. Director Chopras agenda will also likelyThe implementation and enforcement of the payday include re-evaluation of rules eased under the Trumplending rules effective June 2022;administration generally, with a particular emphasis onIncreased enforcement activity in payday lending payday lending, such as rules requiring payday lendersspace for practices identified in CFPB Supervisory to assess borrowers ability to pay back loans andHighlights; and ending access to the automatic seizure of consumer payments from checking accounts. In addition toResolution of trade groups challenge to the revisiting regulations eased in the Trump era, wepayment provisions in the CFPBs 2017 Payday anticipate increased activity by the CFPB in connectionLending Rule.with areas of perceived deceptive practices discussed 39'