Payday loan providers get unforeseen reprieve from CFPB rule

A federal judge delivered another success to payday loan providers by making in position a remain on the conformity date for the customer Financial Protection Bureau’s 2017 lending rule that is payday. That guideline, drafted under former CFPB Director Richard Cordray, had two key elements: brand new underwriting needs for high-cost, small-dollar loan providers, and restrictions on what usually a loan provider can attempt debiting re payments from the debtor's banking account. The CFPB under…