As previously covered by InfoBytes, several lender groups filed against the CFPB under Section 1071 arguing that the final rule on small business lending goes beyond the scope of the CFPB’s rulemaking authority. The lender groups appealed to the 5th Circuit (covered by InfoBytes here). On October 31, the U.S. Court of Appeals for the Fifth Circuit issued preliminary rulings relating to the appeal. The appellate court denied the lender groups’ motion for a temporary administrative stay; the court, however, is still deciding whether to grant a broader stay pending appeal (which would stay and toll the deadlines set by the CFPB). Recognizing the time sensitive presented by the case, the court of appeals granted the motion to expedite the appeal, setting an expedited briefing schedule and scheduling oral arguments for February 3, 2025.
