The future of the Consumer Financial Protection Bureau’s (CFPB) payday lending rule has been mired in uncertainty since acting director Mick Mulvaney’s January announcement that he intended to “revisit” it, and seemed quite bleak after Mulvaney filed an amicus brief in June supporting the plaintiffs in a case challenging the rule’s validity.
Independent Community Bankers of America (ICBA) Assistant Vice President and Regulatory Counsel Rhonda Thomas-Whitley told Dodd Frank Update the fact that Kathy Kraninger’s nomination to the director’s chair at the bureau is still pending full Senate approval is reason enough for any interested party reluctant to make any predictions about the likelihood of such a move.
Find out more details about considerations that could work against the rule’s chances of surviving reconsideration by the bureau.