• Sat. Nov 26th, 2022

5th Circ. Says CFPB payday loan consolidation regulations must await appeal

ByMary M. Ward

Oct 15, 2021


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By Jon Hill (Oct 15, 2021, 9:38 p.m. EDT) – The Fifth Circuit has stepped in to extend the suspension of the Consumer Financial Protection Bureau’s payday loan regulation that is being challenged by two industry trade groups, giving lenders at low dollar a waiver payday loan consolidation of a compliance deadline scheduled for June.

In a one-paragraph order issued Thursday night, a three-judge panel said the CFPB rule on payday loan collection practices must remain on hold while it hears an appeal from the Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas.

The two groups hope to revive their efforts to block the rule after their complaint is dismissed by payday loan consolidation”}” data-sheets-userformat=”{“2″:8705,”3”:{“1″:0},”12″:0,”16″:10}”>payday loan consolidation

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