That quote appears in an article by Polo Rocha in the American Banker headlined After loss at Supreme Court, payday lenders vow to keep fighting CFPB (behind paywall but available on Lexis). As the article explains “The CFPB rule, which has never taken effect, would prohibit payday lenders from making another attempt after a payment fails twice. Right now, lenders face a limit of three attempts under rules that govern their access to electronic payment rails.” Last week, as Allison noted, the Supreme Court rejected the payday lenders’ constitutional attack against the CFPB. A Fifth Circuit panel had previously rejected the payday lenders’ other attacks on the payday lending rule, but Rocha’s article states that the payday lenders plan to seek a rehearing en banc. Here is another quote from the article that reports how the industry justified its continued efforts:
“We continue to believe that the challenged CFPB rule is legally flawed, threatens access to credit, and harms the millions of American consumers who rely on small-dollar loans to manage budget shortfalls and unexpected expenses,” said Chris Vergonis, a lawyer at the firm Jones Day who represents the Community Financial Services Association of America trade group.
