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Contending that the CFPB has no legal basis to delay or rescind its payday lending rule, 25 Democratic state attorneys general are threatening to sue the agency if the plan is withdrawn or altered.

The attorneys general said, in a letter to the agency, that they “vigorously oppose CFPB’s proposal to delay the compliance date—as well as its proposal to altogether rescind the Underwriting Protections…and we will not hesitate to consider taking legal action if CFPB unlawfully proceeds.”

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David Baumann

 

Credit Union Times

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