Community Financial Services Association of America wins dismissal of lawsuit challenging repeal of CFPB restrictions on payday lending
Client(s) Community Financial Services Association of America (CFSA)On behalf of Community Financial Services Association of America (CFSA), Jones Day successfully intervened in litigation filed by an advocacy group challenging the repeal of certain provisions of a 2017 Consumer Financial Protection Bureau (CFPB) rule concerning payday, vehicle title, and certain high-cost installment loans. The advocacy group, which counsels financially distressed individuals, sought to invalidate the repeal under the Administrative Procedure Act.
After successfully moving to allow CFSA to intervene in the lawsuit to defend the repeal, Jones Day moved to dismiss the lawsuit on the grounds that the advocacy group lacked standing. Adopting arguments advanced by Jones Day, the district court granted the motion and dismissed the case, reasoning that the advocacy group's claims that the repeal had caused it to divert resources failed to allege a cognizable injury sufficient to give rise to standing.
National Association for Latino Community Asset Builders v. Consumer Financial Protection Bureau et al., No. 1:20-cv-03122 (D.D.C.)