Federal judge rejects CFPB’s work to prevent payday guideline. A federal court dealt a blow to efforts by the Customer Economic Protection Bureau to slow the agency down’s payday lending rule.

Federal judge rejects CFPB’s work to prevent payday guideline. A federal court dealt a blow to efforts by the Customer Economic Protection Bureau to slow the agency down’s payday lending rule.

A federal court dealt a blow to efforts because of the Customer Economic Protection Bureau to slow down the agency’s payday lending guideline.

U.S. District Judge Lee Yeakel on Tuesday denied the request by acting CFPB Director Mick Mulvaney that the court wait the payday guideline’s effective date, which will be set for the following year.

Mulvaney had sided with two industry trade groups — the Community Economic Services Association of America and Customer Service Alliance of Texas — that sued the CFPB in April to invalidate the tough limitations on small-dollar financial institutions. The guideline was written under previous CFPB Director Richard Cordray.

The CFPB in January said it intends to reopen the payday lending guideline, which goes in impact Aug. 19, 2019. Continue reading “Federal judge rejects CFPB’s work to prevent payday guideline. A federal court dealt a blow to efforts by the Customer Economic Protection Bureau to slow the agency down’s payday lending rule.”