Business groups want break in troubleshooting rule extended for appeal

By Jon Hill (September 10, 2021, 10:37 p.m. EDT) – After a Texas federal judge upheld the Consumer Financial Protection Bureau’s payday loan settlement, business groups who filed a lawsuit to block them are asking that the rules remain suspended while they carry their fight to the fifth circuit.

The Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas on Thursday filed a formal notice of appeal against U.S. District Judge Lee Yeakel’s dismissal last month of their legal challenge to the agency’s 2017 small loan rule.

The rule, which at this stage consists simply of so-called payment provisions dealing with the practices of lenders for the collection of repayment, …

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