Texas payday loan providers launch national attack on federal customer security

Texas payday loan providers launch national attack on federal customer security

AUSTIN — While Texas set no limitations in the financing methods of payday and loan that is auto-title, federal regulators recently authorized a guideline that could curtail just exactly just what experts call the industry’s predatory practices nationwide.

But simply times ago, a Texas payday trade organization, along side its nationwide counterpart, sued the customer Financial Protection Bureau within an Austin court that is federal wanting to overturn the bureau’s guideline, saying it had been unconstitutional; will depend on defective cost-benefit analysis; and it is arbitrary and capricious.

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