The Consumer Financial Protection Bureau's rule limiting payday loans and other forms of short-term, high-interest credit is expected to survive a brush with congressional repeal efforts even as the regulation's long-term future faces other threats.

Republican Senator Lindsey Graham introduced Res. 56, which would strike down the payday lending rule through the Congressional Review Act. However, supporters of Graham's resolutions are under tough time constraints to vote on it.

"There is practically no chance of a CRA override," said Alan Kaplinsky, Co-Practice Leader of Ballard Spahr's Consumer Financial Services Group.

Yet even if the Senate is unable to overturn the payday rule, other groups are pushing for its repeal. CFPB Director Mick Mulvaney has expressed an interest in revising the rule, potentially limiting its power or eliminating it completely.

The CFPB was also sued for allegedly violating the Administrative Procedure Act when establishing the payday rule and has until June 11 to respond. "I am optimistic that either the litigation or a new regulation or a combination of both will do the trick," said Kaplinsky.

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