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Final Rules Equal Credit Opportunity Act Section 1071

Ballard Spahr LLP

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

Sales-Based Financing Trade Group Files Suit Challenging CFPB’s Section 1071 Rule

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Late last month, the Revenue Based Finance Coalition (RBFC), a trade group of sales-based financing providers, filed a complaint in the U.S. District Court for the Southern District of Florida challenging the Consumer...more

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Texas Federal Court Enjoins CFPB’s Enforcement of its Section 1071 Rule Against Plaintiffs and Their Members Pending U.S. Supreme...

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As discussed here, on April 26, the Texas Bankers Association, the American Bankers Association (ABA), and Rio Bank, McAllen, Texas (Rio Bank) filed a complaint in the U.S. District Court for the Southern District of Texas...more

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Section 1071 Final Rule: Anti-Discouragement Provisions

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As recently discussed on our podcast here, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more

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Section 1071 Final Rule: Data Collection and Reporting

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As recently discussed on our podcast, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more

Locke Lord LLP

Texas and American Bankers ‎Associations Sue CFPB to Invalidate ‎Final Rule Amending the ‎ECOA, Seek Preliminary Injunction

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On May 14, 2023, the American Bankers Association joined a lawsuit filed by the Texas Bankers Association and a Texas bank, suing the Consumer Financial Protection Bureau to obtain a declaratory judgment invalidating the...more

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CFPB Issues Small Entity Guide With Illustrations on How to Comply With Section 1071 Final Rule

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As discussed here, on March 30, the Consumer Financial Protection Bureau (CFPB) issued its final rule under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Section 1071 amended the...more

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Texas Bankers Challenge CFPB’s Section 1071 Rule

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On April 26, the Texas Bankers Association and Rio Bank, McAllen, Texas filed a complaint in the U.S. District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more

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It’s Here: CFPB Issues Final Rule Under Section 1071

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As promised (and discussed here), the Consumer Financial Protection Bureau (CFPB) issued its final rule under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Section 1071 amended...more

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CFPB Agrees to March 31, 2023 Deadline for Final Rule Under Section 1071

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The Consumer Financial Protection Bureau (CFPB or Bureau) agreed to a March 31, 2023 deadline to issue a final rule under Section 1071 of Dodd-Frank. Section 1071 amended the Equal Credit Opportunity Act (ECOA) to impose...more

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