CFPB official seal. (Source: Shutterstock)
Recently the Fifth Circuit Court of Appeals ruled that the CFPB's funding structure is unconstitutional. The Court used this ruling to justify throwing out the CFPB's 2017 rule that, prior to its being watered down by the Trump Administration in 2020, required payday lenders to meet basic lending standards, such as determining a borrower's ability to repay a loan. Some in our industry celebrated the ruling.
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