Payday lending

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.

The nomination of Jelena McWilliams to chair the Federal Deposit Insurance Corp. moves the Trump administration one step closer to completing its team of regulatory appointments in its push to undo former President Obama's post-crisis policies.

The bill would use the Congressional Review Act to overturn the payday rule, a procedure that allows Congress to overturn agency regulations with a majority vote.

Richard Cordray took a big gamble in his final act as head of the Consumer Financial Protection Bureau, attempting to appoint his own interim successor. He lost Tuesday, but he was far from the only one.

OMB Director Mick Mulvaney said he would "fix" the CFPB by ensuring it protected consumers without cutting off access to financial services. His comments came as a federal judge declined to rule yet on the legality of Mulvaney's appointment.

President Trump has tapped Office of Management and Budget Director Mick Mulvaney as interim head of the CFPB. He has taken tough stances on the CFPB, its payday lending rule, housing finance reform and other issues pending before the agency.

Acting Comptroller of the Currency Keith Noreika has been the ultimate disruptor, bucking the normally low-key profile of interim regulators.

A new Republican director of the Consumer Financial Protection Bureau is likely to take immediate action to change certain rules, including the "qualified mortgage" and payday rules, while curbing pending enforcement actions that are considered too harsh on financial firms.

Letting employees decide when they get paid through a mobile app that connects to an institution's prepaid card can serve the same purpose as a payday loan but cost the consumer less.