The Consumer Financial Protection Bureau will “reconsider” its rule regulating the payday lending industry, the agency said Tuesday, raising the prospect that the Trump administration will scale back or reverse the regulations put into place by former director and Obama appointee Richard Cordray.

“The bureau intends to engage in a rulemaking process so that the bureau may reconsider the payday rule,” the agency, now run on an acting basis by Trump appointee Mick Mulvaney, said in a brief statement, noting that the rule’s effective date of implementation is Tuesday.