Judge again denies request to delay CFPB payday rules

The CFPB estimated that it will issue new proposed rules in February 2019.

A federal judge again has denied a request by the CFPB and an association representing payday lenders to delay the Aug. 19, 2019 effective date of the agency’s controversial payday lending rules.

In issuing the ruling, U.S. District Judge Lee Yeakel of the Western District of Texas sided with consumer groups that opposed the delay.

The Community Financial Services Association of America filed suit in April challenging the agency’s rule, which was issued by former agency Director Richard Cordray, an Obama Administration appointee.

The agency, now run by Trump Administration Acting Director Mick Mulvaney sided with the association, saying that the CFPB is revisiting the rules. The agency is widely expected to repeal or significantly weaken the rule.


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