The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) entered an order that once again continues the stay of the lawsuit and the August 19, 2019 compliance date for both the Payday Rule’s ability-to-repay (ATR) provisions and its payment provisions.

Although the Bureau’s final rule delaying the compliance date for the ATR provisions left unchanged the August 19, 2019 compliance date for the Payday Rule’s payment provisions, the stay of the compliance date entered by the court on November 6, 2018 stayed the compliance date for both the ATR and the payment provisions.

Last week's order follows the filing of the most recent status report on April 24 by the CFPB and trade groups.  It includes the following statement:

The parties’ report informs the court that the Bureau continues to make progress on its other rulemaking, which
proposed to rescind the underwriting provisions.  The Bureau has stated in the Fall 2019 Unified Agenda of
Regulatory and Deregulatory Actions that it expects to take final action on the underwriting provisions in April 2020,
and that the parties will inform the court of further developments.  It is now May 2020, and the parties have yet to
inform the court about whether any action set by the Fall 2019 agenda has occurred regarding the underwriting proposals.  Finally, none of the parties request the court lift the stay of litigation or the stay of the compliance date at this time.

This order directs the parties to file another joint status report by September 11 “informing the court about proceedings related to the Rule and this litigation as the parties deem appropriate.”