The Consumer Financial Protection Bureau will "reconsider" its rule regulating the payday lending industry, the agency said yesterday, raising the prospect that the Trump administration will scale back or reverse the regulations put into place by former director and Obama appointee Richard Cordray, the Washington Examiner reported. "The bureau intends to engage in a rulemaking process so that the bureau may reconsider the payday rule," the agency, now run on an acting basis by Trump appointee Mick Mulvaney, said in a brief statement, noting that the rule's effective date of implementation was yesterday. Under Cordray, the agency finalized the rule in October. Cordray left the bureau in November and has launched a campaign for the Ohio governorship as a Democrat. Read more.
In related news, the fight over leadership of the Consumer Financial Protection Bureau is far from over as the case again heads to court, Housing Wire reported. Last week, a federal judge ruled that President Trump has the authority to name the acting director of the CFPB. This was the second ruling in two months, both leaving CFPB Acting Director Mick Mulvaney in leadership. Back in November, U.S. District Judge Timothy Kelly, who was appointed by Trump, ruled in favor of the Trump administration. While Trump has won every battle over the position in the courts so far, English continues to fight back. Just two days after a judge once again sided with Mulvaney, English filed an appeal to the U.S. Court of Appeals for the District of Columbia Circuit. She also requested an expedited review of her case. Read more.
