However, the rule exempted credit unions making loans that conform to the NCUA's Payday Lending Program.

The indication that the agency may revisit the payday lending rule is the clearest sign yet that the Trump Administration may roll back many of the rules that the agency issued under former Director Richard Cordray.

Acting CFPB Director Mick Mulvaney was a frequent critic of the agency when he served as a Republican House member from South Carolina.

In the Tuesday announcement, the agency said although Tuesday was the effective date of the rule, most provisions of the rule do not require compliance until Aug. 19, 2019.

The rule, as written, established April 16 as the deadline to apply for preliminary approval to become a Registered Information System. The rule requires payday lenders to submit loan data to a registered information system.

However, the CFPB said it is willing to entertain waiver requests from any applicant.

The payday rule has been extremely politically divisive. Consumer groups have said it is needed to crack down on an industry that essentially locks borrowers into a cycle of debt.

However, some House members have said that the rule would take away a service that some low-income borrowers depend on.

A bipartisan group of House members has introduced a resolution that would nullify the rule, but neither the House nor the Senate have acted on it.

Many credit union officials had been pleasantly surprised by the exemption provided for PAL loans.

And they said Tuesday that they hoped that exemption remains and is even broadened in any revised rule.

"We greatly appreciate that the CFPB made many of CUNA's suggested changes in its final rule for payday and small dollar lending," said CUNA Chief Advocacy Officer Ryan Donovan. "We hope that if the CFPB makes any changes to its final rule it still addresses consumer abuse in this market, while considering a full exemption for credit unions, who have been recognized as the safest and most affordable providers for these loans."

NAFCU officials said they hope the CFPB focuses on abusive lenders.

"At this point, it is too early to see how the CFPB is going to change the rulemaking," said Alexander Monterrubio, NAFCU's director of regulatory affairs. "At the same time, we do encourage the CFPB to evaluate their rulemakings on an ongoing basis. We hope the CFPB focuses on the bad actors and not those who offer individuals with responsible short-term, small-dollar credit."  

Tuesday's announcement does not directly impact the rule.

But it will have an impact on organizations that intend to be registered as an information system.

To be certified as an information system, a company must have the capability to receive loan information and generate consumer reports, have a federal consumer financial law compliance program and security program.