CFPB, Trade Groups Seek Payday Rule Delay, Suit Stay

Law360 (May 31, 2018, 9:23 PM EDT) -- The Consumer Financial Protection Bureau and two payday lender trade groups joined together Thursday in asking a Texas federal judge to both stay the groups' suit challenging the agency's so-called payday rule and postpone the rule's compliance date until after the case is finished.

The Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas filed a joint motion with the CFPB requesting that U.S. District Judge Lee Yeakel stay their suit over the controversial rule while it's being reconsidered by the consumer watchdog agency in a process that could lead to the rule's revision or repeal,...

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