In a setback for the U.S. consumer finance industry, the Supreme Court said Monday that it will not review a lower court's decision that bolstered the ability of states to enforce bans on high-cost lending.

Industry trade groups were urging the justices to reconsider a decision by the 2nd Circuit Court of Appeals from May 2015. In the case, a debt-collection firm was sued by a New York borrower for charging an interest rate that exceeded the Empire State's rate cap. The lower court sided with the borrower.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.