In an unusual saga revolving around the Consumer Financial Protection Bureau’s (CFPB) payday lending rule, two groups of payday lenders involved in a lawsuit challenging the rule’s validity requested the litigation and the rule’s compliance date be stayed pending further action by the bureau.
The bureau filed a brief supporting the merits of the groups’ contentions that the date should be stayed and that the rule may be arbitrary and capricious.
Find out more about what reasons the bureau gave for its position.