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Eastern District of Kentucky Tolls Compliance Deadlines for § 1033 of the Dodd-Frank Act

On February 25, 2025, Judge Danny C. Reeves of the Eastern District of Kentucky granted a Joint Motion to Stay Proceedings in Forcht Bank, NA et al v. Consumer Financial Protection Bureau et al, temporarily staying litigation...more

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

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

Alternative Commercial Finance Monthly | January 2025

As we step into a new year, we’re excited to introduce a fresh look for our Alternative Commercial Finance blog. Alongside a new monthly publication schedule, we’ll be placing a stronger emphasis on upcoming laws,...more

CFPB Reboots Policy Statements for No-Action Letters and Compliance Assistance Sandbox Approvals Days Before Administration Change

On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) revived its policy statements on No-Action Letters (NALs) and Compliance Assistance Sandbox (CAS) Approvals. These unexpected changes come just days before...more

CFPB Pilot Study Finds Differential Treatment in Small Business Lending Markets

On November 13, the Consumer Financial Protection Bureau (CFPB) released a report on matched-pair testing in small business lending, highlighting potential racial discrimination. The study reveals that Black small business...more

The CFPB in 2025: What to Expect Following the Election

2024 has been an eventful year for the CFPB. As we detailed in June, the CFPB survived its second constitutional challenge at the Supreme Court in CFSA v. CFPB, and “[n]ewly emboldened, the CFPB’s already robust policy agenda...more

Open Banking Is Here: An Overview of Section 1033 of the Dodd-Frank Act

In a move that has been a long time in the making, the Consumer Financial Protection Bureau (CFPB) has finalized its comprehensive open banking rule. The rule implements Section 1033 of the Dodd-Frank Act and grants consumers...more

Texas Court Vacates CFPB's Revised UDAAP Exam Manual and Its New Anti-Discrimination Guidance

In a not-entirely-unexpected ruling, Judge J. Campbell Barker of the U.S. District Court for the Eastern District of Texas recently vacated the Consumer Financial Protection Bureau’s (CFPB) updated Unfair, Deceptive, or...more

California Finalizes UDAAP Rule for Small Business Financing

On August 2, 2023, the California Department of Financial Protection and Innovation (DFPI) issued a final rule that prohibits certain persons from engaging in unfair, deceptive, or abusive acts or practices (UDAAP) in...more

Recent Developments in Section 1071: CFPB Issues Frequently Asked Questions for Section 1071 Small Business Lending Rule, and...

Over the last several weeks, there have been two significant developments involving Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. First, on June 28, 2023, the Consumer Financial Protection...more

CFPB Signals New Proposed Rule on Nonbank Supervision in the Consumer Payments Market

The Consumer Financial Protection Bureau (CFPB) recently released its Spring 2023 rulemaking agenda, signaling an expansion of its supervisory authority over the payments market. Of particular interest is the introduction of...more

CFPB Releases the Dodd-Frank 1071 Small Entity Compliance Guide

The Consumer Financial Protection Bureau (CFPB) recently introduced the Dodd-Frank 1071 Small Entity Compliance Guide, an important resource for financial institutions navigating the mandates of Section 1071 of the Dodd-Frank...more

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