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CFPB Payday Rule Will Go Live Next Year, Judge Says

June 13, 2018, 4:50 PM

The Consumer Financial Protection Bureau’s payday lending regulations will take effect next year despite a request from the bureau and industry groups to delay its effective date while the rule is reworked.

Judge Lee Yeakel of the U.S. District Court for the Western District of Texas on June 12 rejected a request from the CFPB, the Community Financial Services Association of America, and the Community Service Alliance of Texas to stay the effective date until 445 days after a new version of the rule is completed.

Yeakel also said the CFPB would not have to respond to the payday lenders’...

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