Midterm elections are more-or-less done and we received good news. I’m not against safeguards that can help both consumers and lending businesses, but the rules that were set to take place were total amateur hour. It was going to make credit access tougher, regulation costs go way up, and less competition. I filed this in the category of “To small to succeed” and the consumer was going to get stuck with the bill.
The Credit Union Times (pay-wall) reported “Judge Issues Stay on CFPB Payday Loan Rule.” Essentially, he pushed out the effective date of August 19, 2019 until the agency could revise the rules.
“In issuing the ruling, Judge Lee Yeakel of the U.S. District Court for the Western District of Texas, reversed a ruling he made earlier this year.
Yeakel said he was changing his decision based on the bureau’s Oct. 26 announcement that it intended to issue a new rule in January governing the regulation’s ability-to-pay requirements. In that announcement, the bureau said it would not issue a new rule governing lenders’ withdrawing payments from a borrower’s bank accounts.
The bureau said it would issue a rule governing payments closer to when the payday rule goes into effect.”
