CFPB Says 5th Circ. Case Looms Over Payday Rule Suit

Law360 (March 11, 2019, 11:10 PM EDT) -- The Consumer Financial Protection Bureau told a Texas federal judge on Friday that while it did not want to resume an industry-backed lawsuit that challenges its payday lending rule, a potential Fifth Circuit ruling on the agency's constitutionality in a separate case could trigger part of the suit to move forward.

In a joint status report from the agency and two payday lender trade groups who claim the controversial rule is overreaching, improper and harmful, both parties agreed that a stay on the compliance date for the rule's provisions on ability-to-repay underwriting standards should continue while the CFPB reconsiders those provisions,...

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