More than two dozen Democratic state attorneys general have threatened to sue if the CFPB delays the compliance date for the payday lending rule or goes ahead with its proposal to rescind the rule’s underwriting protection.

CFPB Director Kathy Kraninger faced criticism from Democrats on the Senate Committee on Banking, Housing, and Urban Affairs about recent bureau activities related to fair lending sanctions, the Military Lending Act examination and the new payday lending rule proposal.

CFPB Releases Small Entity Compliance Guide for Payday Rule; CFPB Updates List of Rural and Under-served Counties; CFPB Seeks Assistant Director for the Office of Regulations.

The payday lending rule proposal released early this month has sparked different reactions from CFPB watchers.

The CFPB has entered into a settlement with a group of offshore payday lenders who allegedly engaged in deceptive and unfair marketing and billing activities.

The CFPB may scrap the underwriting requirements of its 2017 payday lending rule, according to a proposal released last week. In the meantime, the rule’s compliance date has been pushed back to Nov. 19, 2020, from Aug. 19, 2019.

Lenders no longer need to start complying with the CFPB’s payday-lending rule on Aug. 19, 2019, a judge ruled. In an unexpected development, Judge Lee Yeakel of the U.S. District Court for the Western District of Texas Austin Division last week reversed his prior orders that denied the request to delay the compliance date of the payday rule. The case was filed by two industry groups – Community Financial Services Association of America and Consumer Service Alliance of Texas ...

The CFPB recently settled with a Tennessee-based payday lender for debt-collection practices, finding some of its activities were “abusive.”

The CFPB said it will focus on ability-to-repay provisions as it tries to overhaul its controversial rule on payday, title and high-cost installment lending.