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Lenders to Appeal Ruling Letting CFPB Payments Rule Proceed (1)

Sept. 10, 2021, 2:33 PMUpdated: Sept. 10, 2021, 2:47 PM

Payday lenders asked a court to stay a Consumer Financial Protection Bureau rule restricting their access to borrowers’ bank accounts, as they appeal a court ruling that allowed it to proceed.

Two trade groups representing the indutry—the Community Financial Services Association and the Consumer Service Alliance of Texas—said in a late Thursday filing that they intend to appeal to the Fifth Circuit an Aug. 31 ruling by Judge Lee Yeakel of the U.S. District Court for the Western District of Texas allowing the CFPB’s rule to go live in June 2022.

The industry groups also asked Yeakel to stay the ...