Fifth Circuit Delays Payday Loan Compliance Until After Appeal Resolution


On October 14, the US Court of Appeals for the Fifth Circuit. remained the implementation of the payment provisions of the CFPB final rule of 2017 covering “Payday, vehicle title and certain high cost installment loans” (2017 Rule) for 286 days after the resolution of the appeal . The appeals court order stands in contrast to an order issued last month by the U.S. District Court for the Western District of Texas, which denied a request by the two trade group appellants to suspend the pending compliance date. appeal (covered by InfoBytes here). The district court previously upheld the payment provisions of the 2017 Rule (covered by InfoBytes here), finding that the Office’s ratification “was valid and cured the constitutional damage caused by the approval of the 2017 Rule by an improperly appointed official,” and that the payment provisions were not arbitrary or capricious. The district court’s order regarding the suspension granted the plaintiffs’ request to suspend the compliance date, which had been set at August 19, 2019, until 286 days after the final ruling. However, the Fifth Circuit order grants the trade groups’ motion to extend the suspension of the compliance date until 286 days after the resolution of the appeal.

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