CFPB, Payday Groups Again Denied Stay Of Payday Rule

Law360 (August 8, 2018, 7:35 PM EDT) -- A Texas federal judge has again turned down a request from the Consumer Financial Protection Bureau and two payday lender trade groups to stay the August 2019 compliance date of the agency’s so-called payday rule, which puts restrictions on payday and other small-dollar lenders.

U.S. District Judge Lee Yeakel declined Tuesday to reconsider his June order that stayed a lawsuit challenging the rule but didn’t also stay the rule’s compliance date, leaving in place what had been a mixed result for the CFPB and the trade groups behind the suit, the Community Financial Services Association of America Ltd. and the Consumer...

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