Court Delays CFPB Payday Rule as Industry Challenge Continues (1)

Payday lenders won a bid to delay a Consumer Financial Protection Bureau rule limiting their access to customers’ bank accounts to collect payments.

Payday and auto title lenders don’t have to comply with the CFPB rule while the Community Financial Services Association of America and a Texas-based trade group appeal a district court ruling in favor of the bureau, the U.S. Court of Appeals for the Fifth Circuit said in an Oct. 14 ruling.

The CFPB rule requires payday and vehicle title lenders to get permission to access a consumer’s bank account after two failed attempts to collect on ...