7Oct
CFPB will not look for lifting of stay of conformity date for cash advance rule’s payment provisions in brand new status report filed in trade
The CFPB and also the two industry trade groups that filed case in a Texas district that is federal challenging the CFPB’s final payday/auto title/high-rate installment loan guideline (Payday guideline) filed a unique status report aided by the court on March 8 to follow up on their March 1 status report.
The new status report sets forth the parties’ views on perhaps the court should continue steadily to remain the lawsuit as well as the Payday Rule’s August 19, 2019 compliance date. The remains had been entered in, correspondingly, June 2018 and November 2018 “pending further order regarding the court.” Early final thirty days, the CFPB issued proposals to rescind the Payday Rule’s ability-to-repay (ATR) conditions inside their entirety and postpone the conformity date when it comes to ATR conditions until November 19, 2020. (more…)