Ballard Spahr LLP

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

Ballard Spahr LLP

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

Ballard Spahr LLP

CFPB Remarks on SCOTUS Decision; Extended 1071 Small Business Lending Compliance Dates

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On May 16, 2024, the U.S. Supreme Court, in a 7-2 decision, ruled that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution....more

Ballard Spahr LLP

CFPB responds to SCOTUS decision; extends 1071 small business lending rule compliance dates

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On May 16, 2024, the U.S. Supreme Court, in a 7-2 decision, ruled that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution....more

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U.S. Senate Fails to Override Veto of Legislation Rejecting CFPB Section 1071 Small Business Lending Rule

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As previously reported, in late December 2023 President Biden vetoed legislation adopted by the U.S. House of Representatives and U.S. Senate under the Congressional Review Act to override the CFPB’s final Section 1071 small...more

Ballard Spahr LLP

President Biden Vetoes Congressional Override of CFPB Section 1071 Small Business Lending Rule

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As previously reported, the U.S. House of Representatives, by a vote of 221-202, voted under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071 Rule), and the U.S. Senate,...more

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Texas federal district court issues preliminary injunction enjoining CFPB from implementing and enforcing small business lending...

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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

Troutman Pepper

Small Business Lenders Score Big Relief: Texas Federal District Court Grants Nationwide Injunction Against CFPB’s Implementation...

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In a major victory for small business lenders, yesterday the U.S. District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing...more

Ballard Spahr LLP

Senate votes to override CFPB small business lending rule

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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

Sheppard Mullin Richter & Hampton LLP

Kentucky Court Grants Injunction on Small Business Lending Rule

On September 14, U.S. District Court for the Eastern District of Kentucky granted a motion brought by the Kentucky Bankers Association (KBA) and eight Kentucky-based banks (plaintiffs), seeking a preliminary injunction...more

Ballard Spahr LLP

Is there a better route to nationwide relief than multiple preliminary injunction motions in the Texas lawsuit challenging the...

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This past Thursday, August 31, another preliminary injunction motion was filed in the Texas lawsuit challenging the CFPB’s small business lending rule (Rule). The latest motion was filed by XL Funding, LLC d/b/a Axle...more

Ballard Spahr LLP

Nonbank floorplan lender and trade association for nonbank providers of equipment and vehicle financing file motion seeking to...

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Yet another unopposed emergency motion for leave to intervene has been filed in the Texas lawsuit challenging the CFPB’s final small business lending rule (Rule).  The latest proposed intervenors are XL Funding, LLC d/b/a...more

Ballard Spahr LLP

Trade associations urge CFPB to pause effective date and tiered compliance dates of small business lending rule

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A group of trade associations has sent a letter to CFPB Director Chopra urging the CFPB to address the disparity that has resulted from the order entered by the Texas federal district court in the lawsuit challenging the...more

Ballard Spahr LLP

CFPB files opposition to preliminary injunction motion of intervenors in Texas lawsuit challenging CFPB’s small business lending...

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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

Ballard Spahr LLP

Plaintiffs in Kentucky lawsuit challenging CFPB final small business lending rule file motion for preliminary injunction

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The Kentucky banks and Kentucky trade association that filed a lawsuit in a Kentucky federal district court challenging the CFPB’s final small business lending rule (Rule) have filed a motion for a preliminary injunction. ...more

Ballard Spahr LLP

CFPB releases update for small business lending data filing instructions guide

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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

Ballard Spahr LLP

Further thoughts on the lawsuit filed in Kentucky challenging the CFPB’s final small business lending rule

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We recently reported that the Kentucky Bankers Association and several Kentucky banks filed a lawsuit against the CFPB in the U.S. District Court for the Eastern District of Kentucky alleging that the CFPB’s final small...more

Ballard Spahr LLP

Texas federal court grants credit union motion for leave to intervene in lawsuit challenging CFPB final small business lending...

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A Texas credit union and two credit union trade associations have been granted leave to intervene in the lawsuit challenging the CFPB’s final small business lending rule (Rule) that is pending in a Texas federal district...more

Ballard Spahr LLP

Extending relief granted in lawsuit challenging CFPB small business lending rule to all covered entities will require more...

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Last week, we published a blog post urging the CFPB to agree to extend the relief granted by the Texas federal district court in the lawsuit challenging the CFPB’s final small business lending rule (Rule) to all entities...more

Ballard Spahr LLP

Texas community bank and community bank trade groups seek leave to intervene in lawsuit challenging CFPB small business lending...

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Texas First Bank (Texas First), Independent Bankers Association of Texas (IBAT), and Independent Community Bankers of America (ICBA) (collectively, Proposed Intervenors) have filed an unopposed motion seeking leave from the...more

Ballard Spahr LLP

Trade groups urge CFPB to extend Texas federal court’s stay of small business lending rule compliance dates to all FDIC-insured...

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Recently, we published a blog post in which I urged the CFPB to agree to extend the relief granted by the Texas federal district court in the lawsuit challenging the CFPB’s final small business lending rule (Rule) to all...more

Ballard Spahr LLP

Why the Texas federal court should have gone further in preliminarily enjoining the CFPB from implementing and enforcing its small...

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On Monday, 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) issued an order that preliminarily enjoins the CFPB from...more

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