Payday lenders will continue their legal fight against the CFPB’s small-dollar lending rule even though the bureau removed the regulation’s toughest restrictions earlier this month.
The Community Financial Services Association of America said that it will move to eliminate limits on payday lenders’ access to consumers’ bank accounts for payments in a July 24 filing in the U.S. District Court for the Western District of Texas. The brief was filed jointly with the Consumer Financial Protection Bureau.
The rule, and litigation over it, have been stayed for more than two years. The CFPB’s Republican leadership and the payday lending industry ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.