CFPB seeks comment on pay day loan disclosure testing
On August 20, the U.S. District Court for the Western District of Texas granted a joint movement to raise a stay of litigation in a lawsuit filed by two payday loan trade teams (plaintiffs) challenging the CFPB’s 2017 last rule covering pay day loans, car name loans, and certain other installment loans (Rule). As formerly included in InfoBytes, in 2018 the plaintiffs filed case asking the court to create apart the Rule, claiming the Bureau’s rulemaking neglected to conform to the Administrative Procedure Act and that the Bureau’s framework ended up being unconstitutional. The events filed their joint movement to carry the stay month that is last several present developments, such as the U.S. Supreme Court’s choice in Seila Law LLC v. CFPB, which held that the clause that needed cause to eliminate the manager of this CFPB had been unconstitutional but had been severable through the statute establishing the Bureau (included in a Buckley Special Alert). The Bureau ratified the Rule’s payments provisions and issued a final rule revoking the Rule’s underwriting provisions (covered by InfoBytes here) in light of the Court’s decision. The litigation will concentrate on the Rule’s re payments conditions, utilizing the Bureau noting within the joint motion that it promises to “promptly fil[e] a movement to carry the stay associated with conformity date for the re payments conditions associated with the 2017 Rule.” Your order describes the briefing routine for the events, with summary judgment briefing due become finished by December 18.

CFPB updates Payday Lending Rule FAQs

On August 11, the CFPB released updated FAQs pertaining to conformity because of the repayment provisions associated with “Payday, car Title, and Certain High-Cost Installment Loans” (Payday Lending Rule). […]