On July 7, the CFPB submitted a joint status report to the U.S. District Court for the Southern District of Florida requesting the court maintain its stay pending the Bureau’s Section 1071 rulemaking. The CFPB stated that the interim final rule’s extension would give it time to address court-ordered stays and issue a new proposal reconsidering aspects of the 2023 final rule, with an NPRM anticipated as “expeditiously as reasonably possible.” The parties agreed that the ongoing rulemaking process may resolve the litigation and recommended the court continue the stay until the process concludes.
As previously covered by InfoBytes, the CFPB published an interim final rule on June 18 to extend the compliance deadlines for the existing Section 1071 rule by approximately one year, setting the earliest initial compliance date for the highest-volume lenders for July 1, 2026.
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