Payday Lender Group: CFPB Rule Still ‘Overreaching’

The Consumer Financial Protection Bureau may have rescinded large parts of its payday lending rule, but the parts that remain are “unnecessary, arbitrary, capricious, overreaching, procedurally improper, and substantially harmful to lenders and borrowers alike,” associations representing payday lenders said last week, in an amended suit challenging the rule.

The Consumer Financial Services Association of America and its Texas affiliate had challenged the strict payday lending rule issued during the Obama Administration in the U.S. District Court for the Western District of Texas in 2018.

Democratic Senators Call Coronavirus Business Immunity ‘Unconscionable’

Senate Republican plans to provide liability immunity to businesses as they reopen following the pandemic are “unconscionable,” 42 senators said this week in a letter to Majority Leader Mitch McConnell (R-Ky.). The group, which includes Democrats and Sen. Bernie Sanders (I-Vt.), would be enough to block Senate consideration of pandemic-related legislation if the senators decide it is a large enough issue to oppose the overall bill. Due to the filibuster rule it often takes 60, rather than 51 senators, for controversial legislation to pass the Senate. The immunity provisions remain a sticking point as lawmakers and the Trump Administration try