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Delaying the Payday Loan Rule

Question: 
What does the "stay" of the compliance date for the Payday Loan Rule do?
Answer: 

The stay was ordered by a federal court in Texas to delay the rule's compliance date. The court issued the stay in connection with a federal civil case that challenges the constitutionality of the Bureau's structure under the Dodd-Frank Act, and therefore the legitimacy of the Payday Rule. The stay delays the compliance date until the issues in the civil case are resolved or the parties to the case (and the judge) agree to lift the stay.
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Learn more about John Burnett’s webinar The Payday Lending Rule – Special 1-HOUR Update!

First published on 09/17/2019

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