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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

Orrick, Herrington & Sutcliffe LLP

CFPB extends its small business lending rule and opens comment period

On June 25, the CFPB released its formal action to extend the compliance dates for its small business lending rule, section 1071 (covered by InfoBytes here). The extension of 290 days represented the time elapsed between the...more

Cooley LLP

CFPB Extends Compliance Dates for Small Business Lending Rule

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On June 25, 2024, the Consumer Financial Protection Bureau (CFPB) formally extended by 290 days the effective date for its small business lending rule, initially released in March 2023....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

Stinson LLP

CFPB Hits Back on Trade Groups Challenge to Small Business Lending Rule (Section 1071)

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On April 12, 2024, the Consumer Financial Protection Bureau (CFPB) and its director Rohit Chopra asked U.S. District Judge Randy Crane to grant summary judgment and dispense with an industry-backed challenge to the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Lenders May Soon Need To Prepare To Comply With the CFPB’s Small Business Rule

Despite facing challenges both from Congress and in court, the Consumer Financial Protection Bureau’s (CFPB’s) “Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)” (Small Business Rule) is likely...more

Orrick, Herrington & Sutcliffe LLP

Banking associations petition District Court for summary judgment against CFPB’s Final Rule on small business lending

On March 1, several banking associations (plaintiffs) petitioned a district court under a motion for summary judgment in an ongoing case against CFPB’s Final Rule in §1071, claiming that the Final Rule goes beyond the scope...more

Troutman Pepper

Senate Fails to Override President Biden’s Veto of Joint Resolution to Overturn CFPB’s Section 1071 Final Rule

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As discussed here, during the summer of 2023, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66...more

Ballard Spahr LLP

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

Trade group for providers of commercial sales-based financing files lawsuit challenging CFPB final small business lending rule

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Revenue Based Finance Coalition (RBFC), a trade group whose members include non-banks that provide sales-based financing to businesses, filed a lawsuit last week against the CFPB in a Florida federal district court...more

GeoDataVision

Small Business Lending Market Rank & Share Report

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2022 CRA Aggregate & Disclosure Data was finally released last week, on December 21 by the FFIEC. GeoDataVision has now compiled the data into a variety of market reports that are invaluable for market analysis as well as...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

Ballard Spahr LLP

House votes to override CFPB small Business lending rule

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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

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2023

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

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

Ballard Spahr LLP

Kentucky Federal District Court Issues Order Enjoining the CFPB From Enforcing the Small Business Data Collection Rule as to All...

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On September 14th, the Federal District Court for the Eastern District of Kentucky granted the plaintiff’s motion to preliminarily enjoin the CFPB from implementing the Small Business Lending Rule (“Rule”) promulgated under...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2023

A federal court has issued an order granting an injunction that delays the compliance dates for the CFPB’s final rule governing the collection of small business lending data required by Section 1071 of the Dodd-Frank Wall...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

Texas federal court grants motion of community bank and community bank trade groups for leave to intervene in lawsuit challenging...

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Two new developments occurred recently in the Texas lawsuit challenging the CFPB’s final small business lending rule (Rule)....more

Ballard Spahr LLP

CRA resolutions introduced to override CFPB Section 1071 small business lending rule

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Two joint resolutions under the Congressional Review Act (CRA) to override the CFPB’s final Section 1071 small business lending rule have been introduced by Republican members in the House. The resolutions are H.J. Res. 50...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues small business lending compliance guide

The CFPB recently issued a compliance guide for its final rule implementing Section 1071 of the Dodd-Frank Act. Consistent with Section 1071, the final rule (issued at the end of March) will require financial institutions to...more

DarrowEverett LLP

New Rules Aim to Make SBA Loans More Accessible, Abundant, and Better

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The United States Small Business Administration (“SBA”) oversees two loan programs that are intended to benefit small business owners and promote employment. The programs, known as the 7(a) Loan Program and Section 504 Loan...more

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