Parties Request Continued “Stay” on Small-Dollar Rule
On August 2, 2019, the defendants and plaintiffs in a lawsuit over the Consumer Financial Protection Bureau’s (CFPB) Small-Dollar Rule asked a Texas district court to continue its stay of the Rule, including both the Mandatory Underwriting Provisions and the Payment Provisions.
The Court is expected to grant this request for two reasons. First, the Community Financial Services Association and the CFPB, are requesting the same thing. Secondly, both parties requested a continuation of the stay last March as well, and the presiding judge granted the request.
In a March 19 order, Judge Lee Yeakel stated, “With regard to the stay of the compliance date, the Bureau’s position is that, at the current time, no party is seeking to lift the compliance-date stay for the payments provisions.”