In April, payday lenders sued the Consumer Financial Protection Bureau over the payday lending regulation -- a rule that provides borrowers with various protections to avoid the cycle of debt too-often associated with payday lending. Yesterday, in a joint filing, the CFPB and the payday lenders together asked the court to stay the litigation while the CFPB "reconsiders" the rule.
At the same time, they also asked the court to stay the compliance dates of the rule until the litigation ends.
To sum up, the CFPB and the payday group want the court to stay the litigation indefinitely and then stay the rule until the litigation ends -- that is, indefinitely.
Without discussing the "equities," the short motion says that the "balance of the equities" favors an indefinite stay. It is a lazy motion that doesn't pretend to address the standard for the requested stay of the rule, telling the court to ask if it wants an explanation.
Another reminder that the Consumer Financial Protection Bureau is no longer a consumer protection bureau.
The short motion is here.