Advocates Sue To Undo CFPB's Rollback Of Payday Rule
Law360 (October 29, 2020, 10:53 PM EDT) -- Community advocates filed a lawsuit in D.C. federal court Thursday challenging the Consumer Financial Protection Bureau's recent repeal of ability-to-repay underwriting requirements for payday lenders, arguing the agency used shoddy analysis and slanted reasoning to reach a preordained conclusion that shouldn't be allowed to stand.
The National Association for Latino Community Asset Builders, which is being represented by the Center for Responsible Lending and Public Citizen, alleged in a complaint that the CFPB violated federal rulemaking standards with its move to water down its earlier 2017 payday rule, which contained provisions requiring lenders to vet borrowers' ability to repay their loans without...
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