5th Circ. Says CFPB Payday Loan Regs Must Wait For Appeal
By Jon Hill (October 15, 2021, 9:38 PM EDT) -- The Fifth Circuit has stepped in to extend a stay on Consumer Financial Protection Bureau payday lending regulations that are being challenged by two industry trade groups, giving small-dollar lenders a reprieve from an expected June compliance deadline.
In a one-paragraph order issued late Thursday, a three-judge panel said the CFPB's rule on payday loan collection practices must remain on hold while it hears an appeal from the Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas.
The two groups are hoping to revive their effort to block the rule after their suit was rejected in...
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