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Data Collection Dodd-Frank Wall Street Reform and Consumer Protection Act Financial Services Industry

Ballard Spahr LLP

Community Groups File Lawsuit Seeking to Force CFPB to Implement the Section 1071 Rule

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The saga of the CFPB’s section 1071 small business data collection and reporting rule continues. Rise Economy, fka California Reinvestment Coalition (Rise), the National Reinvestment Coalition (NCRC), the Main Street Alliance...more

Troutman Pepper Locke

Compliance Deadlines for the 1071 Rule are Tolled — But for an Unspecified Period of Time — Amid Legislative Efforts to Repeal the...

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On Friday, the U.S. Court of Appeals for the Fifth Circuit ordered the tolling of compliance deadlines for the Consumer Financial Protection Bureau’s (CFPB or Bureau) Small Business Lending Data Collection final rule under...more

Husch Blackwell LLP

Fifth Circuit Stays 1071 Rule: A Victory, but Not for Everyone

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The Fifth Circuit Court of Appeals has granted a stay in the case challenging the Consumer Financial Protection Bureau’s (CFPB) Small Business Lending Rule, also known as Dodd-Frank Section 1071. This rule, stemming from the...more

Troutman Pepper Locke

CFPB Files “Emergency Notice” in 1071 Final Rule Case and Does Not Oppose Stay of the 1071 Rule; Agency Also Seeking a “Pause” in...

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Hours before a scheduled hearing yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed an “Emergency Notice” in the U.S. Court of Appeals for the Fifth Circuit with respect to the ongoing litigation...more

Troutman Pepper Locke

Fifth Circuit Grants Expedited Appeal in Challenge to CFPB’s Section 1071 Final Rule; Denies Temporary Administrative Stay

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On October 31, the U.S. Court of Appeals for the Fifth Circuit Court of Appeals granted the appellants’ motion to expedite the appeal in Texas Bankers Association v. Consumer Financial Protection Bureau (CFPB). The suit...more

Hudson Cook, LLP

Featuring BizFinLaw - November 2024

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In Texas Bankers Association v. Consumer Financial Protection Bureau, the U.S. District Court for the Southern District of Texas denied a summary judgment motion by the Texas Bankers Association and other plaintiffs to set...more

Holland & Hart LLP

Open Banking Rules are Finally Here: What's Next for the Financial Services Industry

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On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its long-anticipated Open Banking Rule (the Open Banking Rule) under Section 1033 of the Dodd-Frank Act, fundamentally reshaping the data-sharing...more

Ballard Spahr LLP

Plaintiffs Free to Appeal The CFPB 1071 Rule After Some Plaintiffs Drop Their CFPB Unlawful Funding Claim

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On August 26, 2024, Chief Judge Randy Crane in the S.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more

Ballard Spahr LLP

Federal District Court on September 23, 2024, entered final judgement in favor of the CFPB in lawsuit challenging its small...

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Judge Randy Crane (E.D. Tex) ruled on August 26, 2024 that the CFPB did not exceed its authority under Dodd Frank when it issued its final Section 1071 small business lending rule. The court also rejected other Administrative...more

Ballard Spahr LLP

Plaintiffs free to appeal CFPB 1071 Rule after some plaintiffs drop their CFPB unlawful funding claim

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On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more

Ballard Spahr LLP

CFPB Announces the Beta Platform for Small Business Lending Data Reporting

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The CFPB announced the availability of its beta platform for the small business lending data collection rule pursuant to section 1071 of the Dodd-Frank Act....more

Ballard Spahr LLP

Federal District Court in Texas which recently validated CFPB’s small business data collection rule might entertain “new” funding...

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On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the validity of the CFPB’s small business data collection rule....more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2024

CFPB Issues Filing Instructions Guide for Small Business Lending Data - The CFPB has published instructions for banks and other covered financial institutions to submit small business lending data that is required to be...more

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 Locke

Texas Federal District Court Rejects All Administrative Procedure Act Challenges to CFPB’s Section 1071 Final Rule

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Monday, the U.S. District Court for the Southern District of Texas granted the Consumer Financial Protection Bureau’s (CFPB or Bureau) motion for summary judgment on all Administrative Procedure Act (APA) challenges brought...more

Ballard Spahr LLP

Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

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In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more

Ballard Spahr LLP

Unlawful funding argument raised in challenge to final CFPB rule

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We have previously blogged about how targets of CFPB enforcement actions have asserted that the actions must be dismissed because the investigations were conducted and the lawsuits were brought and are being prosecuted with...more

Troutman Pepper Locke

CFPB Issues Interim Final Rule Memorializing Updated Compliance Dates for Section 1071 Final Rule

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As discussed here, following the U.S. Supreme Court’s decision in Community Financial Services Association of America, Limited v. Consumer Financial Protection Bureau (CFPB or Bureau), which upheld the CFPB’s funding...more

GeoDataVision

Should the CFPB Reconsider the Implementation Dates for Section 1071 Data Collection?

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The recent Supreme Court ruling that upheld the constitutionality of the Consumer Financial Protection Bureau’s funding resulted in the Bureau announcing the new effective dates for banks to begin collecting their CRA...more

Stinson LLP

CFPB Announces Extensions to Section 1071 Compliance Deadlines

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On May 17, 2024, the Consumer Financial Protection Bureau (CFPB) announced its intention to extend the deadlines for compliance with Section 1071 of the Dodd-Frank Act (Section 1071) requiring data collection and reporting...more

Ballard Spahr LLP

CFPB Files Cross-Motion for Summary Judgment in Texas Small Business Lending Rule Lawsuit

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The CFPB (or “Bureau”) filed a cross-motion for summary judgment in the lawsuit regarding the small business lending data collection and reporting rule, also known as the 1071 rule based on the Dodd-Frank section that...more

Ballard Spahr LLP

Plaintiffs and intervenors file summary judgment motion in Texas lawsuit challenging CFPB small business data collection rule

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The plaintiffs and intervenors in the lawsuit filed in a Texas federal district court challenging the CFPB’s final small business lending rule implementing Section 1071 of Dodd-Frank (Rule) have filed a consolidated motion...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 22: Data Sharing and the 1033 Rule: An Industry Perspective with Ramon Gomez

Ramon Gomez — Managing Director, Regulatory Affairs at JPMorgan Chase — joins RegFi cohosts Jerry Buckley and Sasha Leonhardt for a conversation about Section 1033 of the Dodd-Frank Act and its implications for consumer data...more

Troutman Pepper Locke

Comment Period on CFPB’s Auto Finance Data Project Closing Soon

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Comments on the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposal to collect data from auto finance businesses that acquire or originate as few as 500 financing transactions a year are due by March 25, 2024....more

Ballard Spahr LLP

CFPB seeks approval for new auto finance data collection

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The CFPB recently published a notice in the Federal Register indicating that it is seeking approval from the Office of Management and Budget (OMB) for the collection of additional auto finance data pursuant to its authority...more

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