September 17, 2018 / 9:19 PM / 7 months ago

Payday lenders seek rule delay, citing threat to their industry

Two payday loan trade groups have asked a federal court to delay the implementation of a new regulation for their industry set to take effect next year, saying the rule will effectively eliminate payday loans, a financial lifeline for millions of consumers.

The Community Financial Services Association of America and the Consumer Service Alliance of Texas said the rule, issued last year by the Consumer Financial Protection Bureau, is an “unprecedented assault” on payday loans that failed to consider their benefits to strapped consumers, in a motion filed Friday in Austin federal court.

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