News & Analysis as of

Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd

Ballard Spahr LLP

Plaintiffs Free to Appeal The CFPB 1071 Rule After Some Plaintiffs Drop Their CFPB Unlawful Funding Claim

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On August 26, 2024, Chief Judge Randy Crane in the S.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more

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Federal District Court in Texas which recently validated CFPB’s small business data collection rule might entertain “new” funding...

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On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the validity of the CFPB’s small business data collection rule....more

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Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

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In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more

Troutman Pepper

Texas Federal District Court Rejects All Administrative Procedure Act Challenges to CFPB’s Section 1071 Final Rule

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Monday, the U.S. District Court for the Southern District of Texas granted the Consumer Financial Protection Bureau’s (CFPB or Bureau) motion for summary judgment on all Administrative Procedure Act (APA) challenges brought...more

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CFPB files its reply brief in support of the CFPB’s motion to dissolve the preliminary injunction in the credit card late fee...

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On August 22, 2024, the CFPB filed its reply brief in support of its motion to dissolve the preliminary injunction and lift the stay of the CFPB’s credit card late fee final rule (“Rule”) in the lawsuit challenging the Rule....more

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Unlawful funding argument raised in challenge to final CFPB rule

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We have previously blogged about how targets of CFPB enforcement actions have asserted that the actions must be dismissed because the investigations were conducted and the lawsuits were brought and are being prosecuted with...more

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CFPB Releases Updated 1071 Filing Instructions Guide

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On August 16, 2024 the CFPB issued an updated 2025 Small Business Lending Filing Instructions Guide (the “Guide”). The Guide provides updated compliance dates that correspond to the new compliance dates....more

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CFPB: Payday Plaintiffs Not Entitled to En Banc Rehearing

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The plaintiffs challenging the CFPB payday lending rule should not be entitled to an en banc rehearing because the issues they cite already have become final and the time for rehearing has lapsed, the CFPB said last week...more

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Fifth Circuit orders CFPB to file a response to petition for rehearing en banc in CFSA case

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We recently reported that, upon remand from the Supreme Court (after it ruled that the CFPB’s funding mechanism is Constitutional), the plaintiff-trade groups filed a petition for rehearing en banc in the Fifth Circuit in the...more

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Plaintiff Trade Groups Petition for Rehearing En Banc in Challenge to Payday Lending Rule

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After the Supreme Court’s long-awaited 7-2 decision in CFSA v. CFPB that the Consumer Financial Protection Bureau’s (“CFPB’s”) funding mechanism did not violate the appropriations clause of the U.S. Constitution, the case was...more

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CFPB Releases Interim Final Rule Extending 1071 Compliance Dates

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On June 25th, the CFPB issued an interim final rule with a request for public comment extending the compliance dates for the Small Business Lending Rule in light of the Supreme Court’s decision finding the funding structure...more

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CFPB Issues Interim Final Rule Memorializing Updated Compliance Dates for Section 1071 Final Rule

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As discussed here, following the U.S. Supreme Court’s decision in Community Financial Services Association of America, Limited v. Consumer Financial Protection Bureau (CFPB or Bureau), which upheld the CFPB’s funding...more

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Consumer Finance Monitor Podcast Episode: Consumer Financial Protection Bureau Wins in Supreme Court But Can the Fed Continue to...

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Special guest Alex J. Pollock, Senior Fellow with the Mises Institute and former Principal Deputy Director of the Office of Financial Research in the U.S. Treasury Department, joins us to discuss his recent blog post...more

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Update on CFPB payday lending rule: “it ain’t over ‘till it’s over”

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On June 14, the CFPB announced that its payday lending rule would become effective on  March 30, 2025.  However, the CFPB ignored the possibility of further litigation in CFSA v. CFPB, the case challenging the payday lending...more

Ballard Spahr LLP

CFPB announces March 30, 2025 compliance date for payday lending rule

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In a blog post published at the end of last week, the CFPB announced that its payday lending rule (Rule) would go into effect on March 30, 2025.  Because the Rule’s ability to pay requirements were rescinded, the only...more

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A reply to Professor Levitin’s arguments as to why the Fed, notwithstanding its losses, can still lawfully fund the CFPB

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Yesterday, I published a blog post highlighting the flaws in the arguments made by Professor Jeff Sovern in his recent article in the Consumer Law & Policy Blog for why the Fed, notwithstanding its losses, can still lawfully...more

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Consumer Finance Monitor Podcast Episode: Did the Supreme Court Hand the CFPB a Pyrrhic Victory?

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Special guest Professor Hal Scott of Harvard Law School joins us today as we delve into the thought-provoking question of whether the Supreme Court’s recent decision in the landmark case of CFSA v. CFPB really hands the CFPB...more

Akerman LLP

Explainer Things: Season 2 Episode 3

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It has been a busy time for us at Explainer Things. Awards season is over, but the fintech regulatory drama is in midseason form. The star of this episode is of course the Supreme Court’s decision on the future of the CFPB....more

Troutman Pepper

Texas District Court Orders Transfer of the Credit Card Late Fee Rule Lawsuit to D.C. … Again: Fifth Circuit Promptly Issues Stay

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On Tuesday, the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee rule (Final Rule) was ordered to be transferred from the U.S. District Court for the Northern District of...more

McGlinchey Stafford

CFPB Poised To Up The Ante After Supreme Court Victory

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This is the second part of a two-part series on Consumer Financial Protection Bureau v. Community Financial Services Association of America. Read part one here. In what should not come as a surprise to anyone who observed...more

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Fifth Circuit relinquishes jurisdiction to Federal District Court Judge Pittman in credit card late fee rule case

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On Friday May 24, in response to the CFPB’s motion requesting the Fifth Circuit to accelerate the issuance of its mandate from July 9, 2024 with respect to its earlier dismissal of the plaintiffs’ appeal, the Fifth Circuit...more

Mayer Brown

The Consequences of the US Supreme Court’s Decision Upholding the CFPB’s Funding Structure

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On May 16, 2024, the US Supreme Court upheld the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) funding structure in a decision that will have significant ramifications on both the CFPB’s rulemaking...more

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Was it a pyrrhic victory for the CFPB in the Supreme Court in CFSA v. CFPB?

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On May 16, Justice Thomas issued the majority opinion in which the Supreme Court held, by a 7-2 vote, that the CFPB’s funding mechanism comported with the Appropriations Clause of the Constitution which states, in relevant...more

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SCOTUS CFSA decision to have broad impact

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The U.S. Supreme Court’s ruling last week in CFSA v. CFPB that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution removes what many observers consider to be the last remaining...more

Locke Lord LLP

Supreme Court Resolves Circuit Split ‎and Decides CFPB's Funding Structure Is Constitutional

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On May 16, 2024, the U.S. Supreme Court resolved the Circuit Split discussed in our prior QuickStudy and ruled in a 7-2 decision that the Consumer Financial Protection Bureau’s (“CFPB”) funding structure does not violate the...more

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