At issue are payday lending rules from the U.S. Consumer Financial Protection Bureau (CFPB). They were drafted under the tenure of Richard Cordray, who had served as the previous director of that agency. The Obama-era appointee sought to put in place new underwriting requirements for lenders (such as verifying borrowers’ ability to repay the payday loans). The rule also had another component, focused on how often a lender can try to debit payments from a customer’s bank account.
