By Katie Buehler (May 9, 2022, 6:48 p.m. EDT) — A Fifth Circuit panel asked Monday whether recent U.S. Supreme Court rulings require the Consumer Financial Protection Bureau to restart the process of regulating payday loans, as two business groups fight to resuscitate their legal challenge to the rules.
The Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas told the three-judge panel during oral argument that a judge in the Western District of Texas erroneously ruled that the CFPB’s small-dollar loan regulations were valid after the agency ratified the rules, which were enacted while the agency was operating under an unconstitutional provision that barred the president from removing the…
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