Trade Groups Seek Injunction On CFPB Payday Lending Rule

By Dean Seal (September 17, 2018, 5:41 PM EDT) -- Two payday lender trade groups on Friday in Texas federal court motioned for a preliminary injunction on the Consumer Financial Protection Bureau's payday lending rule, arguing that the rule would restrict more than 90 percent of the payday loans currently made if it goes into effect in August 2019.

The motion by Community Financial Services Association of America, or CFSA, and the Consumer Service Alliance of Texas, or CSAT, comes more than a month after U.S. District Judge Lee Yeakel declined to reconsider his June order that stayed a lawsuit challenging the rule but didn't also stay the rule's compliance date....

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