The Consumer Financial Protection Bureau faces significant obstacles in reopening the payday lending rule including likely legal challenges and a lengthy compliance process with the Administrative Procedure Act.
CommissionerFlorida Office of Financial Regulation
While a robust dialogue about all forms of financial products is critical and regulation to protect consumers is necessary, removing a source of credit for hard-working Americans and eliminating choice should not be the focus of any federal agency.
The agency has suffered a series of setbacks over the past two months, from a rollback of its arbitration rule to a legal battle over its leadership. Here's what happened — and where the agency might lose next.
Acting CFPB Director Mick Mulvaney backed a congressional effort to overturn the agency's short-term lending rule, said he planned to install more political appointees and acknowledged a possible prank played on him.