We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

2 Lender Trade Groups Sue CFPB Over Payday Lending Rule

Law360 (April 9, 2018, 9:59 PM EDT) -- Two payday lender trade groups sued the Consumer Financial Protection Bureau over its “draconian” final rule on short-term loans in Texas federal court on Monday, challenging the regulation requiring lenders to evaluate whether borrowers can repay loans because they said the agency overstepped constitutional safeguards.

Community Financial Services Association of America Ltd. (CFSA), a nonprofit trade association comprising payday lenders, said it seeks to vindicate the interests of its members who are “directly regulated and injured by the final rule.” Along with a similar organization based...
To view the full article, register now.




Case Information

Case Title

Community Financial Services Association of America, Ltd. et al v. Consumer Financial Protection Bureau et al

Case Number



Texas Western

Nature of Suit

Other Statutes: Administrative Procedures Act/Review or Appeal of Agency Decision


Lee Yeakel

Date Filed

April 9, 2018

Law Firms


Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.