Payday lenders want the full US Court of Appeals for the Fifth Circuit to review a ruling allowing the Consumer Financial Protection Bureau’s payday lending rule to take effect.
The Community Financial Services Association argued in a petition for rehearing filed July 3 that because former President Donald Trump would have fired the Obama-era CFPB director who first promulgated payday lending rules in 2017, a version of the regulation finalized by a Trump-appointed CFPB director should be vacated.
A failure to overturn the October 2022 panel decision affirming the CFPB’s payday lending rule would violate US Supreme Court precedents in ...
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