Joseph Reilly on Dodd-Frank

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

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

2/11/2025 / Consumer Financial Protection Bureau (CFPB) , Data Collection , Dodd-Frank , Final Rules , Financial Institutions , Financial Services Industry , Lenders , Regulatory Requirements , Reporting Requirements , Section 1071

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

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

2/4/2025 / Administrative Procedure Act , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Data Collection , Dodd-Frank , Enforcement Actions , Final Rules , Financial Services Industry , Lending , Regulatory Requirements , Rulemaking Process , Section 1071 , Small Business , Small Business Loans , UDAAP

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

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

11/6/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Data Collection , Dodd-Frank , Financial Institutions , Financial Services Industry , Section 1071 , Small Business

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

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

8/28/2024 / Administrative Procedure Act , Constitutional Challenges , Consumer Financial Protection Bureau (CFPB) , Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd , Data Collection , Dodd-Frank , Federal Funding , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Interim Final Rules (IFR) , Lenders , Preliminary Injunctions , SBA Lending Programs , Section 1071 , Small Business

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

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

6/27/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd , Data Collection , Dodd-Frank , Final Rules , Financial Institutions , Financial Services Industry , Interim Final Rules (IFR) , Reporting Requirements , Section 1071 , Small Business

Federal Agencies Finalize Automated Valuation Model Rule

On June 20, six federal financial services regulators issued the final automated valuation model (AVM) rule. The AVM rule, initially proposed in June 2023 and discussed here, aims to implement the quality control standards...more

6/25/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Protection Act , Dodd-Frank , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Quality Control Plan

National Bank Preemption of State Law Following Cantero

On May 30, the U.S. Supreme Court unanimously decided Cantero, reaffirming and elaborating on the Barnett Bank preemption standard, and remanding the case to the Second Circuit for further proceedings. Cantero addressed...more

6/21/2024 / Cantero v Bank of America NA , Consumer Financial Products , Dodd-Frank , Escrow Accounts , Financial Services Industry , Interest Rates , Mortgage Lenders , Mortgages , National Bank Act , Preemption , SCOTUS

On Heels of Supreme Court Decision, CFPB Announces Updated Compliance Dates for its 1071 Rule

As discussed here, last week the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that...more

5/20/2024 / Banks , Constitutional Challenges , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd , Dodd-Frank , Federal Funding , Final Rules , Financial Institutions , Financial Services Industry , SCOTUS , Section 1071

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

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

10/30/2023 / Administrative Agencies , Constitutional Challenges , Consumer Financial Protection Bureau (CFPB) , Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd , Consumer Protection Act , Dodd-Frank , Federal Funding , Final Rules , Financial Institutions , Financial Services Industry , Injunctions , Preliminary Injunctions , Regulatory Authority , Section 1071 , Small Business , Small Business Loans

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

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

9/22/2023 / Congressional Review Act , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Protection Act , Data Collection , Dodd-Frank , Final Rules , Financial Regulatory Reform , Financial Services Industry , Regulatory Agenda , Reporting Requirements , Section 1071 , Small Business

Several Trade Associations Join Calls to CFPB to Stay Implementation of its Section 1071 Final Rule

On August 18, the American Financial Services Association, Consumer Bankers Association, CRE Finance Council, Equipment Leasing and Finance Association, Mortgage Bankers Association, National Association of Federally-Insured...more

9/6/2023 / Administrative Agencies , American Bankers Association , Constitutional Challenges , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd , Consumer Protection Act , Dodd-Frank , FDIC , Federal Funding , Final Rules , Financial Services Industry , Motion To Stay , Regulatory Authority , Section 1071 , Trade Associations

Credit Union Trade Associations Move to Intervene in Case Challenging CFPB’s Enforcement of its Section 1071 Rule

On August 10, two credit union trade associations — Credit Union National Association (CUNA) and Cornerstone Credit Union League — and Rally Credit Union (collectively, Proposed Intervenors) filed an Unopposed Emergency...more

8/15/2023 / American Bankers Association , Banks , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd , Consumer Protection Act , Data Collection , Dodd-Frank , Final Rules , Financial Institutions , Financial Services Industry , Regulatory Agencies , Reporting Requirements , SCOTUS , Section 1071 , Stays

Banks From Coast to Coast Urge CFPB to Stay Implementation of its Section 1071 Final Rule

On August 8, bankers associations from all 50 states sent a joint letter to the Consumer Financial Protection Bureau (CFPB or Bureau) urging it to stay enforcement and implementation of the small business data collection and...more

8/11/2023 / American Bankers Association , Banks , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd , Consumer Protection Act , Dodd-Frank , Final Rules , Financial Institutions , Financial Services Industry , SCOTUS , Section 1071 , Stays

Credit Union Trade Associations Urge CFPB to Stay Implementation of its Section 1071 Final Rule

On August 7, the National Association of Federally-Insured Credit Unions (NAFCU) and the Credit Union National Association (CUNA) sent a joint letter to the Consumer Financial Protection Bureau (CFPB or Bureau) urging it to...more

8/10/2023 / American Bankers Association , Community Financial Services Association , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Protection Act , Credit Unions , Data Collection , Dodd-Frank , Final Rules , Financial Institutions , Financial Services Industry , Motion for Leave , Section 1071 , Stays

Trade Associations for Community Banks and Texas First Bank Move to Intervene in Case Challenging CFPB’s Enforcement of its...

As discussed here, on April 26, the Texas Bankers Association (TBA), the American Bankers Association (ABA), and Rio Bank, McAllen, Texas (Rio Bank) filed a complaint in the U.S. District Court for the Southern District of...more

8/10/2023 / Administrative Procedure Act , Community Banks , Constitutional Challenges , Consumer Financial Protection Bureau (CFPB) , Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd , Consumer Protection Act , Dodd-Frank , Federal Funding , Motion To Enjoin , Preliminary Injunctions , Regulatory Agencies , SCOTUS , Section 1071 , Trade Associations

Texas Federal Court Enjoins CFPB’s Enforcement of its Section 1071 Rule Against Plaintiffs and Their Members Pending U.S. Supreme...

As discussed here, on April 26, the Texas Bankers Association, the American Bankers Association (ABA), and Rio Bank, McAllen, Texas (Rio Bank) filed a complaint in the U.S. District Court for the Southern District of Texas...more

8/1/2023 / American Bar Association (ABA) , CFPB v Community Financial Services Association of America , Community Financial Services Association , Constitutional Challenges , Consumer Financial Protection Bureau (CFPB) , Dodd-Frank , ECOA , Federal Funding , Final Rules , Financial Institutions , Financial Services Industry , Injunctive Relief , SCOTUS , Section 1071

Section 1071 Final Rule: Anti-Discouragement Provisions

As recently discussed on our podcast here, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more

7/26/2023 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Protection Act , Data Collection , Dodd-Frank , ECOA , Final Rules , Financial Institutions , Financial Services Industry , Section 1071 , Small Business Loans

Section 1071 Final Rule: What Changed From the Proposed Rule

s recently discussed on our podcast here, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more

7/6/2023 / Consumer Financial Protection Bureau (CFPB) , Dodd-Frank , ECOA , Financial Services Industry , Proposed Rules

Section 1071 Final Rule: Data Collection and Reporting

As recently discussed on our podcast, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more

6/14/2023 / Consumer Financial Protection Bureau (CFPB) , Data Collection , Data Reporting , Discriminatory Lending Practices , Dodd-Frank , ECOA , Final Rules , Financial Institutions , Financial Services Industry , Regulatory Reform , Reporting Requirements , Section 1071 , Small Business Loans

Federal Agencies Release Proposed Automated Valuation Model Rule

With a roll-out led by Vice President Harris, the federal financial services regulators have released the long-awaited proposed automated valuation model (AVM) rule, referencing both home appraisal bias in mortgage lending...more

6/5/2023 / Appraisal , Consumer Financial Protection Bureau (CFPB) , Dodd-Frank , Fair Housing Act (FHA) , Financial Regulatory Reform , Financial Services Industry , Mortgage Lenders , Mortgages , Property Valuation , Proposed Rules , Regulatory Agenda , Secondary Markets

Section 1071 Final Rule: An Overview