Tougher rules governing the payday lending industry, finalized during the last weeks of an Obama-era appointee who led the Consumer Financial Protection Bureau, will remain in place for now after Congress allowed a deadline to overrule them pass without action, the Associated Press reported. Despite the lack of Congressional action, the bureau, now under the control of Trump appointee Mick Mulvaney, has already announced plans to revisit the regulations, which mostly go into effect next year. Under the Congressional Review Act, Congress had 60 legislative days to overrule the CFPB's new payday lending rules, which were implemented in the final weeks of Richard Cordray's tenure. The deadline expired on Wednesday without a vote in either the House or Senate. The cornerstone of the rules is a requirement that payday lenders must determine, before giving a loan, whether a borrower can afford to repay it in full, with interest, within 30 days. The rules would have also capped the number of loans a person could take out in a certain period of time.
