AILA Members and Friends: I want to share two pieces of news before the weekend.
First, the United States District Court for the Western District of Texas has continued its stay in the case involving the CFPB Small Dollar Rule. This means that those installment lenders who are concerned about the use of leveraged payment mechanisms bringing them within the application of the Rule, have more time to consider the matter. Wednesday’s Order is copied above.
Second, for those installment lenders who received PPP loans of less than $2.0 million, and may have been concerned about their certification of eligibility, we learned earlier this week that the U.S. Treasury has issued an advisory that such certifications will not be subject to challenge.
Please stay safe and vigilant as we begin to unfurl.