Trade groups file appeal from federal district court’s award of summary judgment to CFPB in challenge to payday loan rule

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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.

The trade groups have also filed a motion asking the district court to extend its stay of the compliance date until 286 days after the appeal is fully and finally resolved in order to maintain the status quo pending appeal.  They ask the district court to rule on their motion at its earliest convenience, and no later than September 27, 2021.  In the motion, the trade groups state that they have conferred with counsel for the CFPB and that the CFPB’s counsel has indicated that the CFPB opposes the stay.

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