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››CFPB gets payday rule restoration challenge

CFPB gets payday rule restoration challenge

By William E. Lawhorn
January 15, 2022
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By Katryna Perera (January 14, 2022, 7:24 PM EST) – A DC federal judge on Friday dismissed a case against the US Consumer Financial Protection Bureau regarding the agency’s decision to repeal capacity underwriting requirements for reimbursement for payday lenders, despite arguments from community advocates that the agency used poor analysis to justify the rollback.

U.S. District Judge Amit P. Mehta agreed with the CFPB and defendant intervener Community Financial Services Association of America Ltd. that the plaintiffs lacked standing.

The National Association of Latino Community Asset Builders filed a lawsuit in October 2020, alleging that the CFPB violated federal regulatory standards by deciding to water down its 2017 salary…

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