CFPB May Implement Payday Loan Regulations on Appeal

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By McCord Pagan (Oct 1, 2021, 4:45 p.m. EDT) – The remaining Consumer Financial Protection Bureau payday loan regulations may come into effect next year as business groups challenging the rule battle in the Fifth Circuit, a Texas federal judge said.

U.S. District Judge Lee Yeakel on Thursday rejected an offer from the Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas to suspend the agency’s 2017 small loan rule while groups take their late August loss to the appeals court, according to a short order.

“After considering the motion, the response, the rejoinder, the record of the case and the applicable law, the court concludes that …

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