Inside payday lenders’ plan to scuttle CFPB rule (subscription)

The payday lending industry is planning to use a familiar playbook in its effort to fight the Consumer Financial Protection Bureau’s new rule restricting short-term loans.

The regulation comes just three months after the bureau rolled out restrictions on mandatory arbitration clauses, spurring financial services groups to turn to Congress and the courts in an effort to quash it. While that effort has not yet borne fruit, payday lending advocates are following the same path as they begin their own fight.

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