Consumer Group Bid to Revive Obama Payday Rules Tossed by Court (1)

Consumer advocates lack standing to challenge the CFPB’s move to rescind borrower ability-to-repay requirements and other provisions from its payday lending rules, a federal court ruled.

The National Association of Latino Community Asset Builders failed to plausibly allege that rule changes made in 2020 caused a “perceptible impairment of the organization’s ability to provide services,” Judge Amit P. Mehta of the U.S. District Court for the District of Columbia said in a Jan. 14 ruling.

The group sued the Consumer Financial Protection Bureau in October 2020 alleging that the agency violated the Administrative Procedure Act when it released a watered-down ...