Two payday-lending groups are suing the Consumer Financial Protection Bureau to stop implementation of an Obama-era rule they argue would devastate their business model.
The Wall Street Journal reports that the Community Financial Services Association of America and the Consumer Service Alliance of Texas filed suit against the CFPB in federal court in Texas.
At issue is a rule that would require payday lenders to verify that borrowers can afford debt before approving financing; it also would put…
