5th Circ. Says CFPB payday loan regulations must await appeal

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By Jon Hill (Oct 15, 2021, 9:38 p.m. EDT) – The Fifth Circuit has intervened to extend the suspension of the Consumer Financial Protection Bureau’s payday loan regulation that is being challenged by two industry trade groups, giving lenders at low dollar a waiver of a compliance deadline scheduled for June.

In a one-paragraph order issued Thursday night, a three-judge panel said the CFPB rule on payday loan collection practices must remain on hold while it hears an appeal from the Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas.

The two groups hope to revive their efforts to block the rule after their complaint is dismissed by …

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