Yesterday, the court reversed course in the lawsuit filed by two industry trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule). On its own initiative, the Texas federal district court granted a stay of the Payday Rule’s August 19, 2019 compliance date and continued in force its stay of the lawsuit.
Payday Lending
CFPB issues statement regarding plans to reconsider payday loan rule
By Jeremy T. Rosenblum on
Earlier today, the Bureau of Consumer Financial Protection released a Public Statement Regarding Payday Rule Reconsideration and Delay of Compliance Date. Echoing rumors that have been circulating in the industry for several weeks (which we had agreed not to address in our blog), the Statement reads in full as follows:
The Bureau expects to …
Regulation by Enforcement is Dead
By Richard J. Andreano, Jr. on
Addressing the Mortgage Bankers Association (MBA) 2018 Annual Convention in Washington, DC on October 15, 2018, BCFP Acting Director Mick Mulvaney advised that regulation by enforcement is dead, and that he does not care much for regulation by guidance either. He noted to the members that they have a right to know what the law…
Baptist Church Seeks to Intervene In CFPB Payday Rule Lawsuit
By Jenny N. Perkins on
Posted in CFPB Monitor, Payday Lending
On September 19, 2018, the Georgia based Cooperative Baptist Fellowship (the “Fellowship”) filed a motion to intervene as a defendant in a case filed by the Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas challenging the CFPB’s Payday Rule. The lawsuit was filed in April 2018 claiming, among other…
CFPB seeks extension to respond to trade groups’ preliminary injunction motion in lawsuit challenging payday loan rule
By Alan S. Kaplinsky on
Posted in CFPB Monitor, Payday Lending
The CFPB is asking the Texas federal district court to give it a 45-day extension to respond to the preliminary injunction motion filed by two trade groups in their lawsuit challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule). The motion seeks a preliminary injunction to block the CFPB from enforcing the Payday…
Trade groups challenging CFPB’s payday loan rule file preliminary injunction motion
By Alan S. Kaplinsky on
Posted in CFPB Monitor, Payday Lending
The two trade groups that unsuccessfully attempted to obtain a stay of the August 19, 2019 compliance date for the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) have now filed a Motion for Preliminary Injunction to enjoin the CFPB from enforcing the Payday Rule. While the Texas federal district court had denied a …
CFPB issues Summer 2018 Supervisory Highlights; Ballard Spahr to hold October 10 webinar
The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. The Bureau’s most recent prior Supervisory Highlights report was its Summer 2017 edition, which was issued in September 2017.
On October 10, 2018, from 12 p.m. to 1 p.m.…
CFPB and trade groups file status report in industry lawsuit challenging payday loan rule
By Alan S. Kaplinsky on
Posted in CFPB Monitor, Payday Lending
On August 7, the Texas federal court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) denied the trade groups’ motion for reconsideration. The motion asked the court to reconsider its June 12 order granting a stay of the lawsuit but denying a stay…
CFPB settles lawsuit against online payday lenders
By Barbara S. Mishkin on
The CFPB announced that it has settled a lawsuit that it filed in 2014 in a Missouri federal district court alleging that the defendants engaged in unlawful online payday lending schemes. The CFPB had sued Richard Moseley Sr., two other individuals, and a group of interrelated companies, some of which were directly involved in making…
Court denies motion for reconsideration filed by plaintiffs in industry lawsuit challenging CFPB payday loan rule
By Alan S. Kaplinsky on
A Texas federal court has denied the motion for reconsideration filed by the trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule). The motion asked the court to reconsider its June 12 order granting the stay of the trade groups’ lawsuit challenging the Payday Rule that the trade groups had sought…