The Texas federal district court has denied the motion of the two trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule for an extension of its stay of the compliance date until 286 days after their appeal to the Fifth Circuit is resolved.  The trade groups have appealed from the Texas federal district court’s final judgment granting the CFPB’s summary judgment motion and staying the compliance date for the payment provisions until 286 days after August 31, 2021 (which date is June 13, 2022).

Following the district court’s denial of their motion, the trade groups filed a motion with the Fifth Circuit asking it to stay the compliance date until 286 days after their appeal is fully and finally resolved.  Because they will need to begin preparing for compliance much earlier than June 13, 2022, the trade groups ask the Fifth Circuit to rule on their motion by October 25.