Payday Lenders Say CFPB Loan Rules Are Illegal

The Consumer Financial Services Association of America and a Texas trade group are arguing before a Texas federal judge that the Consumer Financial Protection Bureau’s payday loan rule should be invalidated because the Supreme Court declared the original structure of the CFPB unconstitutional.

This article, written by our editor, is posted on the Credit Union Times website. Clicking on the link will take you to the article. There is a free, one-time registration required to visit the Credit Union Times website.

Payday Lenders Say CFPB Loan Rules Are Illegal

Why am I being redirected to the Credit Union Times website? This will explain:

Message from the Editor About Story Links to the CU Times

Related:

CFPB Rescinds Much of Strict Payday Loan Rule

CFPB Arguing That Unconstitutional Structure Shouldn’t Invalidate Old Decisions

Citing Supreme Court Decision, CFPB Director Kraninger ‘Ratifies’ Past Agency Actions

Spread the word. Share this post!