Payday/High-cost Loans

CFA Joins Consumer Groups to Denounce Consumer Financial Protection Bureau for Highly Improper Payday Rule Repeal Process

CFA joined five other national consumer groups to condemn the Consumer Financial Protection Bureau’s (CFPB) process to roll back the 2017 Payday Rule, after The New York Times reported potential manipulation of research and internal pressure during the rulemaking process. The proposed new rules, that would repeal key provisions of the 2017 rule, were set to be finalized in April 2020. CFA and other consumer groups call for suspending the finalization of the rule pending a thorough investigation of the rulemaking process.