On August 31, 2021, the U.S. District Court for the Western District of Texas, granted the Consumer Financial Protections Bureau’s (CFPB) motion for summary judgment in Community Financial Services Association of America, Ltd., Consumer Service Alliance of Texas v. Consumer Financial Protection Bureau [and its Director], and ordered that the August 19, 2019, compliance date of the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” Rule (12 CFR Part 1041 – Regulation OO) be stayed until […]
Tag: Payday Lending
FINAL PAYDAY LENDING RULE PUBLISHED
On July 7, 2020, the Consumer Financial Protection Bureau (CFPB) published a final rule, and related materials, related to the Payday lending and other small dollar products. The Payday Lending rules have been unfolding for several years. The final rule, implemented as Regulation OO, rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the legal and evidentiary bases for these provisions and finding them to be insufficient. The final rule does not rescind […]