Due to time constraints, the Senate failed to vote on a possible repeal of the CFPB's payday lending rule.

"Even if the deadline were a month from now, I don't think – and I never thought – that there was much of a chance that Congress would override the payday lending rule," said Alan Kaplinsky, Co-Practice Leader of Ballard Spahr's Consumer Financial Services Group.

Despite surviving congressional repeal, the payday rule still faces opposition and could be revised or repealed by different means.

Acting director of the CFPB Mick Mulvaney has already announced he plans to reconsider the payday rule, meaning he could weaken or eliminate it entirely. Kaplinsky noted the process will be "a battle that's going to be fought tooth and nail by both sides."

The payday rule also faces challenges from outside the bureau, as two trade groups sued the CFPB for the rule. The CFPB has yet to respond to the suit or express whether or not it will defend all or part of the rule.

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