The trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) have filed their opening brief with the Fifth Circuit.  The trade groups filed an appeal with the Fifth Circuit from the district court’s final judgment granting the CFPB’s summary judgment motion and staying the compliance date for the payment provisions until 286 days after August 31, 2021 (which would have been until June 13, 2022).… Continue Reading

The Fifth Circuit has entered an order staying the compliance date of the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) until 286 days after the trade groups’ appeal is resolved.

The trade groups have appealed from the district court’s final judgment granting the CFPB’s summary judgment motion and staying the compliance date for the payment provisions until 286 days after August 31, 2021 (which date is June 13, 2022). … Continue Reading

The Texas federal district court has denied the motion of the two trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule for an extension of its stay of the compliance date until 286 days after their appeal to the Fifth Circuit is resolved.  The trade groups have appealed from the Texas federal district court’s final judgment granting the CFPB’s summary judgment motion and staying the compliance date for the payment provisions until 286 days after August 31, 2021 (which date is June 13, 2022).… Continue Reading

The CFPB has filed its opposition to the motion of the two trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) that asks the court to extend its stay of the compliance date until 286 days after their appeal to the Fifth Circuit is resolved. … Continue Reading

The two trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule have filed an appeal with the Fifth Circuit from the Texas federal district court’s final judgment granting the CFPB’s summary judgment motion and staying the compliance date for the payment provisions until 286 days after August 31, 2021.… Continue Reading

More than eight months after the close of briefing, the Texas federal district court has finally ruled in the challenge by two industry trade groups to the CFPB’s Payments Rule.  The court’s award of summary judgment to the CFPB on the constitutional challenges to the Rule was predictable.  We are disappointed that the court failed to find the Rule’s treatment of debit cards to be arbitrary and capricious but pleased that it sided with the trade groups in granting the industry an additional 286 days to come into compliance with the Rule.… Continue Reading

The CFPB and the two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) have filed responses with the Texas federal court  regarding a compliance date for the 2017 Rule’s payment provisions.

The responses reply to the briefs filed by the parties following the court’s issuance of an order requesting additional briefing “concerning what would be the appropriate compliance date if the court were to deny Plaintiffs’ motion for summary judgment and grant Defendants’ motion for summary judgment.” … Continue Reading

The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) has entered an order directing the parties to files briefs regarding a compliance date for the 2017 Rule’s payment provisions.  The order states that the court requests the additional briefing “concerning what would be the appropriate compliance date if the court were to deny Plaintiffs’ motion for summary judgment and grant Defendants’ motion for summary judgment.”… Continue Reading

We discuss the practices found to be unlawful by CFPB examiners in the areas of deposits, auto servicing, and payday lending, identify practical takeaways for avoiding criticism by the “new CFPB,” and share our thoughts on what the findings signal for future scrutiny in these areas by the “new CFPB.”

Ballard Spahr Senior Counsel Alan Kaplinsky hosts the conversation, joined by Chris Willis, Co-Chair of the firm’s Consumer Financial Services Group, and Jason Cover, a partner in the Group.… Continue Reading

The CFPB has filed a motion to lift the stay of the compliance date for the payment provisions in its 2017 final payday/auto title/high-rate installment loan rule (2017 Rule).

In May 2018, the Texas federal district court hearing the lawsuit filed by two trade groups challenging the 2017 Rule entered an order staying the lawsuit. … Continue Reading