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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.

David Baumann

Credit Union Times

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