On August 28, two cash advance trade teams (plaintiffs) filed an amended complaint into the U.S.
District Court for the Western District of Texas in ongoing litigation challenging the CFPB’s 2017 final rule covering pay day loans, car name loans, and certain other installment loans (Rule). As previously included in InfoBytes, the court granted the parties’ joint motion to carry the stay of litigation, that was on hold pending the U.S. Supreme Court’s choice in Seila Law LLC v. CFPB (included in a Buckley Special Alert, holding that the director’s for-cause removal supply had been unconstitutional but had been severable through the statute developing the Bureau). The Bureau ratified the Rule’s payments provisions and issued a final rule revoking the Rule’s underwriting provisions (covered by InfoBytes here) in light of the Supreme Court’s decision. Fortsätt läsa ”Trade groups amend Payday Rule complaint.Information About Business Collection Agencies In Maryland”