Payday lender groups oppose lifting of CFPB rule suspension


Law360 (Aug 6, 2021, 5:25 p.m. EDT) – Two trade groups representing payday lenders implore a Texas federal judge to dismiss the Consumer Financial Protection Bureau’s petition to lift a 2018 suspension on its lending regulations on salary, claiming that this puts their members in an even worse situation than they were before the stay.

The Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas argued Thursday in a response to the July bureau’s request that a “driving decision” lifting the suspension would leave their members scrambling to comply with the rules, which have been on the ice for more. two years ….

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