BCFP Continues Support for Payday Lending Rule Reconsideration in Court Filing

Acting Director Mick Mulvaney is revisiting the rule opposed by the small dollar lending industry, including its effective date.

6/29/2018 8:00 AM

BCFP Continues Support for Payday Lending Rule Reconsideration in Court Filing

Showing its continued focus on reconsidering its payday lending rule, the Bureau of Consumer Financial Protection recently filed a response supporting a motion for consideration filed by trade groups in Texas opposing the rule.

A federal judge June 12 denied the request submitted by Mick Mulvaney, acting director of the Bureau of Consumer Financial Protection, to stop the small-dollar lending market rule from taking effect, prompting the motion for reconsideration.

The Community Financial Services Association of America (CFSA) and the Consumer Service Alliance of Texas are seeking to invalidate the BCFP’s final rule on “Payday, Vehicle and Certain High-Cost Installment Loans,” based on its authority to implement such a rule, ACA International previously reported.

Now, according to The National Law Review, the BCFP’s motion for reconsideration asks the United States District Court for the Western District of Texas – Austin Division to review its order keeping the effective date—August 2019—intact.

Related Content from ACA International

Congressional Repeal Deadline Passes—What’s Next for the BCFP Small Dollar Lending Rule?

CFPB Announces Reconsideration of Rule for Small Dollar Lending Market

CFPB Faces Lawsuit on Payday Lending Rule

Federal Judge Denies BCFP’s Request to Halt Small-Dollar Lending Rule

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