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"The difficulty for CFSA is that they're not challenging specific laws or rules, they're challenging regulatory guidance and investigations," said Ron Rubin, a partner at Hunton & Williams.

Lawsuit Signals Strategic Shift by 'Choke Point' Critics

Payday lenders are raising the stakes in their pushback on Operation Choke Point with a lawsuit against banking regulators, alleging that "back-room pressure of banks" to dissolve longstanding relationships with payday shops and others is unfairly harming the industry.

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