These two sections of the Dodd-Frank Act directly impact the payday lending industry:

1024 – Supervision of Nondepository Covered Persons

This section grants rule-making and enforcement power over payday lending to the newly created Bureau of Consumer Financial Protection.

1205 – Low-cost Alternatives to Payday Loans

This section will provide funding & support to “entities” for developing low-cost payday alternatives as well as providing financial literacy education.