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Texas Judge Orders Stay of BCFP’s Payday Rule Implementation Date
Thursday, November 8, 2018 6:35 AM

A judge in the U.S. District Court for the Western District of Texas on Tuesday ordered a stay of the implementation date of the Bureau of Consumer Financial Protection’s short-term, small-dollar lending rule.

The rule is scheduled to go into effect in August 2019. The bureau said in October that it intends to issue a proposed rule in January, with a focus on ability-to-repay provisions due to their greater impact on consumers and the financial services industry.

CUNA Chief Advocacy Officer Ryan Donovan said he hopes the bureau will consider a full exemption for credit unions from the rule, while continuing to address consumer abuse.

Additional details about the judge’s stay can be found on CUNA’s Removing Barriers Blog.