5th Circle Says CFPB payday loan settlements must wait for appeal

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By Jon Hill (October 15, 2021, 9:38 p.m. EDT) — The Fifth Circuit has stepped in to extend the Consumer Financial Protection Bureau’s payday loan regulatory suspension that is being challenged by two industry trade groups , giving small lenders a reprieve from an expected June compliance deadline.

In a one-paragraph order issued Thursday night, a three-judge panel said the CFPB’s rule on payday loan collection practices should be held in abeyance while it hears an appeal from the Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas. .

The two groups hope to reinvigorate their efforts to block the rule after their complaint in…

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