Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071...more
12/6/2023
/ Administrative Procedure Act ,
Biden Administration ,
Congressional Review Act ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Payday Lending Rule ,
Presidential Veto ,
Regulatory Requirements ,
SCOTUS ,
Section 1071 ,
Small Business ,
Small Business Loans
The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.” Comments on the proposal are due by January 8, 2024...more
11/9/2023
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Assets ,
Digital Wallets ,
EFTs ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mobile Payments ,
Money Transfer ,
Nonbank Firms ,
Payment Systems ,
Proposed Rules ,
Regulation E ,
Small Business
The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from...more
10/31/2023
/ Administrative Procedure Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
Federal Funding ,
Financial Institutions ,
Financial Services Industry ,
Preliminary Injunctions ,
SCOTUS ,
Section 1071 ,
Small Business ,
Small Business Loans
On Wednesday, by a vote of 53-44, the Senate voted to approve S.J. 32, the resolution introduced under the Congressional Review Act (CRA) to override the CFPB’s final Section 1071 small business lending rule (1071 Rule)....more
10/20/2023
/ Congressional Review Act ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
CRA ,
Financial Institutions ,
Financial Services Industry ,
First Amendment ,
OCC ,
Preliminary Injunctions ,
Section 1071 ,
Small Business ,
Small Business Loans ,
True Lender
Last week, three farm credit trade associations filed the latest in a series of unopposed emergency motions for leave to intervene in the Texas case challenging the Consumer Financial Protection Bureau’s (“CFPB”) final small...more
The CFPB has filed its opposition to the motion for a preliminary injunction filed by the intervenors in the Texas federal court lawsuit challenging the CFPB’s final small business lending rule (Rule). The intervenors are...more
8/24/2023
/ American Bankers Association ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Unions ,
Final Rules ,
Motion To Intervene ,
Preliminary Injunctions ,
SCOTUS ,
Small Business ,
Small Business Loans ,
Statutory Requirements ,
Trade Associations
The CFPB has released an update to the Filing Instructions Guide for Small Business Lending Data. The Guide is intended to serve as a set of resources for entities who will be required to file small business lending data with...more
8/18/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Data Reporting ,
Filing Requirements ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
SCOTUS ,
Small Business ,
Small Business Loans
Two new developments occurred recently in the Texas lawsuit challenging the CFPB’s final small business lending rule (Rule)....more
At the end of March 2023, the CFPB issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and...more
On March 30, the Consumer Financial Protection Bureau issued its final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect...more
The CFPB has taken a significant step towards issuing regulations to implement Section 1033 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business...more
The CFPB has agreed to a March 31, 2023 deadline for issuing a final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA, subject to rules adopted by the...more