News & Analysis as of October 12, 2024

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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

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

Ballard Spahr LLP on 7/17/2024

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

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

Ballard Spahr LLP on 6/18/2024

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 Because the Rule’s ability to pay requirements were rescinded, the only...more

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

Ballard Spahr LLP on 10/31/2023

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

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

Ballard Spahr LLP on 8/16/2023

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

Trade Associations for Community Banks and Texas First Bank Move to Intervene in Case Challenging CFPB’s Enforcement of its...

Troutman Pepper on 8/10/2023

As discussed here, on April 26, the Texas Bankers Association (TBA), 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...more

16 amicus briefs filed with SCOTUS in support of CFSA’s position that CFPB’s funding mechanism is unconstitutional

Ballard Spahr LLP on 7/13/2023

Sixteen amicus briefs have been filed with the U.S. Supreme Court in support of the position of the Community Financial Services Association of America (CFSA) that the Court should affirm the Fifth Circuit panel decision in...more

Texas Bankers Challenge CFPB’s Section 1071 Rule

Troutman Pepper on 4/27/2023

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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