CFPB Gets Payday Rule Rollback Challenge Tossed

By Katryna Perera (Jan. 14, 2022 7:24 p.m. EST) — A DC federal judge on Friday dismissed a lawsuit against the US Consumer Financial Protection Bureau over the agency’s decision to remove underwriting requirements for payday lender repayments, despite of community advocates’ arguments that the agency used poor analytics to justify the rollback.

US District Judge Amit P. Mehta agreed with both the CFPB and the intervener Community Financial Services Association of America Ltd. that the plaintiffs had no standing to sue.

The National Association for Latino Community Asset Builders filed the lawsuit in October 2020, alleging that the CFPB violated federal law standards in its attempt to water down its 2017 payday.

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