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Exception Tracking Spreadsheet (TicklerTrax™)
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Update on Payday Lending Rule status

Consumer Finance Monitor reports the Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) has entered an order directing the parties to files briefs regarding a compliance date for the 2017 Rule’s payment provisions. The order states that the court requests the additional briefing “concerning what would be the appropriate compliance date if the court were to deny Plaintiffs’ motion for summary judgment and grant [CFPB's] motion for summary judgment.” The order calls for briefs to be filed by August 6 and allows responses to be filed by August 16.

The Rule was to become effective August 19, 2019, but the court's stay has barred the rule from taking effect. The court's latest order suggests it may lift the stay after hearing what the new effective date is likely to be.

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