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The Proposed Rule additionally imposes significant reporting that is new for just about any standard bank building a Covered Loan, and imposes added recordkeeping and general comppance burdens. This Cpent Alert will deal with the next issues with respect to your Proposed Rule: This Alert is only going to deal with the impact of this Proposed Rule on finance institutions expanding old-fashioned installment loans, and doesn’t deal with those conditions impacting payday loan providers making short-term covered loans.

What Exactly Is a loan that is covered?

A Covered Loan is just a closed-end or open-end loan extended up to a customer mainly for individual, family members, or home purposes, which is not considered exempt. There are two types of Covered Loans:

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