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The CFPB's response unit, created to enforce consumer complaints against their banks, assists people "with their financial institution, with a bank, with a payday lender, with a mortgage company, with a car finance company," Rheingold said.

So, as you rightly point out, when the payday lender’s lawyer is saying, throw it all out, remember, one of the briefs that was filed, amicus briefs, is from the mortgage bankers and the homebuilders who said, whoa, whoa, whoa.

For instance, borrowing $400 over three months from a payday lender typically costs $360 in fees, while banks are charging $24 or less for a loan of the same amount, Pew said.

The companies operate in a legal gray area that allows them to function much like a payday lender but without the consumer-protection rules that govern those businesses.

Keeping people indebted is, of course, the ideal outcome for the payday lender.