Lawyers sue to overturn CFPB payback rule

Law360 (October 29, 2020, 10:53 p.m. EDT) – Community advocates on Thursday filed a lawsuit in federal court in DC challenging the recent Consumer Financial Protection Bureau’s repeal of repayment capacity underwriting requirements for lenders on salary, arguing that the agency used shoddy analysis and biased reasoning to reach a pre-established conclusion that should not stand.

The National Association for Latino Community Asset Builders, which is represented by the Center for Responsible Lending and Public Citizen, alleged in a complaint that the CFPB violated federal regulatory standards by seeking to relax its previous payday rule from 2017, which contained provisions requiring lenders to verify the ability of borrowers to repay their loans without …

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