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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...
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Case Information

Case Title

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


Case Number

1:18-cv-00295

Court

Texas Western

Nature of Suit

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

Judge

Lee Yeakel

Date Filed

April 9, 2018

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