The payday lending rules issued by former CFPB Director Richard Cordray may be arbitrary and capricious and should delayed until they are fixed, the current CFPB regime says.
Payday lenders "will have had to incur considerable costs to prepare to comply with a rule that may be fundamentally altered through rulemaking," the CFPB said in documents filed Friday in the U.S. District Court for the Western District of Texas.
The admission comes in court documents in which the agency asks a federal judge to reconsider his ruling that the effective date of the rules not be delayed. The rule is scheduled to go into effect in August 2019.
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