Payday lenders don’t have to start complying with the Consumer Financial Protection Bureau’s industry rules in August 2019, when they were originally set to take effect, a federal judge ruled.
Judge Lee Yeakel of the U.S. District Court for the Western District of Texas said Nov. 6 that payday lenders should not be forced to get ready for the new rules because the CFPB said on Oct. 26 that it plans to file in January a revised proposal to the first-of-their kind federal rules. The revision will also include a proposal to delay the implementation date for the new rules, ...