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Financial Services Law Insights and Observations

Court again denies request to stay CFPB payday rule compliance date

Courts CFPB Payday Rule CFPB Succession Federal Issues

Courts

On August 7, the U.S. District Court for the Western District of Texas denied a request by two payday loan trade groups to reconsider its June decision denying a stay of the compliance date (August 19, 2019) of the Bureau’s final rule on payday loans, vehicle title loans, and certain other installment loans (Rule) until 445 days after final judgment in the pending litigation. As previously covered by InfoBytes, the court granted the trade groups’ and the CFPB’s joint request to stay the lawsuit—which asks the court to set aside the Rule— because of the Bureau’s plans to reconsider the Rule, but the court denied, without explanation, the request to stay the compliance date. In denying the reconsideration request, the court acknowledged considering, among other things, the trade groups’ motion and the CFPB’s response, which supported the motion but again, did not provide a substantive justification for the denial.

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