News & Analysis as of

Final Rules Financial Services Industry Small Business

Ballard Spahr LLP

CFPB Extends Section 1071 Rule Compliance Dates

Ballard Spahr LLP on

As previously reported, in addressing the fact that current stays of the section 1071 small business data collection and reporting rule only apply to the applicable plaintiffs, intervenors and their members, the CFPB advised...more

Orrick, Herrington & Sutcliffe LLP

Trade organization challenges CFPB’s final PACE rule

On May 28, the U.S. District Court for the Middle District of Florida received a complaint from a trade organization representing the residential Property Assessed Clean Energy (PACE) industry. The complaint challenged the...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Everything You Want to Know About the CFPB as Things Stand Today, and Lots More - Part 1

Ballard Spahr LLP on

Our podcast show being released today is Part 1 of a repurposed interactive webinar that we presented on March 24, featuring two of the leading journalists who cover the CFPB - Jon Hill from Law360 and Evan Weinberger from...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...

Troutman Pepper Locke on

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

Ballard Spahr LLP

House Republican introduces resolution to nullify CFPB non-bank registry rule

Ballard Spahr LLP on

Rep. Andy Ogles, R-Tenn., on August 30, 2024 introduced in the House of Representatives a resolution under the Congressional Review Act (CRA) that would nullify the CFPB’s final nonbank registry rule....more

Ballard Spahr LLP

Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

Ballard Spahr LLP on

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

Legal Challenges to Small-Business ‎Data Collection Rule Dwindle as Texas Court Sides With CFPB

Troutman Pepper Locke on

On August 26, 2024, a federal district court for the Southern District of Texas granted summary judgment in the Consumer Financial Protection Bureau’s favor and rejected a challenge to the CFPB’s Final Rule regarding section...more

Ballard Spahr LLP

NCLC Asks CFPB to Consider Residential Leases as Credit for Specific Purposes

Ballard Spahr LLP on

The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under...more

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

Unlawful funding argument raised in challenge to final CFPB rule

Ballard Spahr LLP on

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

Cooley LLP

CFPB Extends Compliance Dates for Small Business Lending Rule

Cooley LLP on

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

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

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 Locke

1071 Rule Status — The Consumer Finance Podcast

Troutman Pepper Locke on

In this special solo episode of The Consumer Finance Podcast, Chris Willis provides an important update on the Consumer Financial Protection Bureau's (CFPB) new small business lending data collection and reporting final rule...more

Troutman Pepper Locke

Update: Congress Passes Resolutions to Override CFPB’s Section 1071 Final Rule, Biden Vows to Veto

Troutman Pepper Locke on

As discussed here, this summer, 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 and S. J....more

Troutman Pepper Locke

Small Business Lenders Score Big Relief: Texas Federal District Court Grants Nationwide Injunction Against CFPB’s Implementation...

Troutman Pepper Locke on

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

Troutman Pepper Locke

Congressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB’s...

Troutman Pepper Locke on

This summer, 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 and S. J. Res. 32, respectively)...more

Hudson Cook, LLP

California DFPI Issues Final Rules on Commercial Financing UDAAP and Annual APR Reporting

Hudson Cook, LLP on

The California Department of Financial Protection and Innovation became the nation's first regulator with authority to police "abusive" acts and practices in commercial financing when it recently adopted final regulations to...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

Ballard Spahr LLP on

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...

Ballard Spahr LLP on

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

Katten Muchin Rosenman LLP

Bankers' Associations File Challenge to CFPB Small Business Data Collection Rule

Within a little less than four weeks after the publication on March 30, by the Consumer Financial Protection Bureau (CFPB) of its nearly 900-page final rule related to small business data collection (the Final Rule) mandated...more

Cadwalader, Wickersham & Taft LLP

Small Business Lenders Subject to New CFPB Data Reporting Rule

Resulting from a lawsuit by the California Reinvestment Coalition against the Consumer Financial Protection Bureau (“CFPB”) in 2019 for its failure to promulgate a small business lending data rule in compliance with the...more

Orrick, Herrington & Sutcliffe LLP

CFPB Finalizes Small Business Lending Data Collection Rule

On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) released its final rule implementing Section 1071 of the Dodd-Frank Act, which will require financial institutions to collect and provide to the bureau data...more

35 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide