An industry challenge to the surviving portions of the CFPB’s payday lending rule is officially back on after a Texas federal judge lifted a litigation stay.
The Community Financial Services Association of America has until Aug. 28 to file an amended complaint in the case, Judge Lee Yeakel of the U.S. District Court for the Western District of Texas said in an order Thursday lifting the litigation stay.
The industry wants to eliminate CFPB restrictions on how payday, auto title, and other lenders access consumers’ bank accounts for loan payments. The CFPB in a July final rule kept those requirements ...
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