Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071...more
12/6/2023
/ Administrative Procedure Act ,
Biden Administration ,
Congressional Review Act ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Payday Lending Rule ,
Presidential Veto ,
Regulatory Requirements ,
SCOTUS ,
Section 1071 ,
Small Business ,
Small Business Loans
Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their...more
11/21/2023
/ Appeals ,
Banking Examinations ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
SCOTUS ,
Summary Judgment ,
Trade Associations ,
UDAAP
A Nevada federal district court has stayed an action filed by the CFPB to enforce a civil investigative demand (CID) issued to a small-dollar lender pending the U.S. Supreme Court’s decision in Community Financial Services...more
11/14/2023
/ Administrative Proceedings ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Agencies ,
SCOTUS ,
Small Dollar Lenders ,
Stays
The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from...more
10/31/2023
/ Administrative Procedure Act ,
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 ,
Financial Institutions ,
Financial Services Industry ,
Preliminary Injunctions ,
SCOTUS ,
Section 1071 ,
Small Business ,
Small Business Loans
This week, the U.S. Supreme Court held oral argument in Community Financial Services Association of America Ltd. v. Consumer Financial Protection Bureau, a case we have been following closely on Consumer Finance Monitor...more
The CFPB has filed its opposition to the motion for a preliminary injunction filed by the intervenors in the Texas federal court lawsuit challenging the CFPB’s final small business lending rule (Rule). The intervenors are...more
8/24/2023
/ American Bankers Association ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Unions ,
Final Rules ,
Motion To Intervene ,
Preliminary Injunctions ,
SCOTUS ,
Small Business ,
Small Business Loans ,
Statutory Requirements ,
Trade Associations
The Kentucky banks and Kentucky trade association that filed a lawsuit in a Kentucky federal district court challenging the CFPB’s final small business lending rule (Rule) have filed a motion for a preliminary injunction. ...more
8/24/2023
/ Administrative Procedure Act ,
American Bankers Association ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
First Amendment ,
Preliminary Injunctions ,
SCOTUS ,
Small Business Loans
The U.S. Supreme Court has denied the motion filed by the 27 Republican State Attorney Generals who filed an amicus brief in support of Community Financial Services Association in CFSA v. CFPB asking for leave to participate...more
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
8/18/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Data Reporting ,
Filing Requirements ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
SCOTUS ,
Small Business ,
Small Business Loans
A Texas credit union and two credit union trade associations have been granted leave to intervene in the lawsuit challenging the CFPB’s final small business lending rule (Rule) that is pending in a Texas federal district...more
8/16/2023
/ Administrative Procedure Act ,
American Bankers Association ,
Community Financial Services Association ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Final Rules ,
Financial Services Industry ,
First Amendment ,
SCOTUS ,
Small Business Loans
Texas First Bank (Texas First), Independent Bankers Association of Texas (IBAT), and Independent Community Bankers of America (ICBA) (collectively, Proposed Intervenors) have filed an unopposed motion seeking leave from the...more
8/8/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
FDIC ,
Federal Funding ,
Financial Institutions ,
Financial Services Industry ,
Independent Community Bankers of America (ICBA) ,
Motion for Leave ,
SCOTUS ,
Small Business Loans
The CFPB has filed its reply brief with the U.S. Supreme Court in Community Financial Services Association of America Ltd. v. CFPB. In the case, CFSA has asked the Supreme Court to affirm the Fifth Circuit panel’s decision...more
The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from...more
8/1/2023
/ CFPB v Community Financial Services Association of America ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Funding ,
Financial Services Industry ,
Injunctive Relief ,
Preliminary Injunctions ,
SCOTUS ,
Section 1071 ,
Small Business Loans
The U.S. Supreme Court has scheduled oral argument on October 3, 2023 in Community Financial Services Association of America Ltd. v. CFPB. In the case, CFSA has asked the Supreme Court to affirm the Fifth Circuit panel’s...more
7/21/2023
/ Amicus Briefs ,
Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Financial Services Industry ,
Oral Argument ,
Regulatory Agencies ,
Regulatory Oversight ,
SCOTUS
Sixteen amicus briefs have been filed with the U.S. Supreme Court in support of the position of the Community Financial Services Association of America (CFSA) that the Court should affirm the Fifth Circuit panel decision in...more
7/13/2023
/ Administrative Agencies ,
Administrative Procedure Act ,
Amicus Briefs ,
CFPB v Community Financial Services Association of America ,
Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Funding ,
Financial Services Industry ,
Motion for Leave ,
SCOTUS ,
State Attorneys General
In CFPB v. Law Offices of Crystal Moroney, a three-judge panel of the U.S. Court of Appeals for the Second Circuit unanimously ruled in March 2023 that the CFPB’s funding structure does not violate the Appropriations Clause...more
The U.S. Supreme Court ruled last week that parties seeking to challenge the constitutionality of the structure of the Federal Trade Commission and the Securities and Exchange Commission cannot be required to raise such...more
Having granted the certiorari petition filed by the CFPB seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB, the U.S. Supreme Court has granted the parties’...more
Community Financial Services Association (CFSA) has filed its brief in opposition to the CFPB’s certiorari petition seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America...more
In West Virginia et al. v. Environmental Protection Agency et al., the U.S. Supreme Court ruled that the Environmental Protection Agency (EPA) exceeded its authority under the Clean Air Act by devising carbon emission limits...more