Mulvaney Wants Congress to Block CFPB Payday Lending Rule and is Reviewing Pending Enforcement Cases

by Jeff Sovern

So reports the American Banker.

Mulvaney can't simply rescind the payday lending rule without going through the time-consuming notice and comment process. But if the rule takes effect, and the industry challenges it, what happens if Mulvaney orders the CFPB lawyers not to defend the rule? Does the CFPB have an obligation to defend the rule once it takes effect? What has happened in the past when a change in administrations led to changes in views about the wisdom of an already-adopted rule? If you know, please post a comment.