CFPB beats costume to challenge payday loan regulations

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Law360 (September 1, 2021, 12:51 p.m. EDT) – A Texas federal judge has dismissed a legal challenge backed by the payday lending industry against the Consumer Financial Protection Bureau’s remaining payday lending regulations, opening them up to the way to their entry into force next year after a long stay.

The Bureau of Consumer Financial Protection has defeated a lawsuit by two payday loan trade groups challenging the bureau’s remaining payday loan regulations. (Ting Shen / Bloomberg via Getty Images) In a ruling on Tuesday night, U.S. District Judge Lee Yeakel granted summary judgment to the CFPB over claims filed by two payday loan business groups that have filed a lawsuit for block the agency’s 2017 payday loan rule. Rule…

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