CFPB is at a “virtual halt” and the GOP are close to calling it a victory, or so says this Washington Post article.

The stalemate has lasted so long that it would be virtually impossible for the Senate to vet any candidate before the agency opens for business July 21, even if a compromise could be reached. The White House could make a recess appointment during the Independence Day holiday, but Republicans have promised to keep the Senate in session. The CFPB has said it will be ready to start work on the launch date, even if it has no leader and sharply curtailed authority.

One tiny little inaccuracy in the article that we wanted to clarify:

The industry also chafed at the prospect of payday lenders, check-cashers and other financial firms flying under the radar of the new agency unless a director is named, while banks will still be subject to the CFPB under existing regulations.

Not all payday lenders are unregulated. Since the 1990s, states have steadily gained expertise in regulating the payday advance industry. That knowledge has led to broad discretionary power for state regulators to impose new licensing requirements, interpret or enforce existing regulatory requirements in different ways, and issue new administrative rules.

CFSA members are regulated by state law.  State regulations are meant to ensure that the payday advance remains a responsible, small dollar, short-term loan product.