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House votes to override CFPB small Business lending rule

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

Senate votes to override CFPB small business lending rule

On Wednesday, by a vote of 53-44, the Senate voted to approve S.J. 32, the resolution introduced under the Congressional Review Act (CRA) to override the CFPB’s final Section 1071 small business lending rule (1071 Rule)....more

Farm credit trade associations file motion seeking to intervene in Texas lawsuit challenging CFPB small business lending rule

Last week, three farm credit trade associations filed the latest in a series of unopposed emergency motions for leave to intervene in the Texas case challenging the Consumer Financial Protection Bureau’s (“CFPB”) final small...more

Trade associations urge CFPB to pause effective date and tiered compliance dates of small business lending rule

A group of trade associations has sent a letter to CFPB Director Chopra urging the CFPB to address the disparity that has resulted from the order entered by the Texas federal district court in the lawsuit challenging the...more

Plaintiffs challenging Section 1071 final rule seek preliminary injunction

The plaintiffs in the lawsuit filed in a Texas federal district court challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act have filed a motion seeking a preliminary injunction. ...more

CFPB final Section 1071 rule on small business data collection includes important changes from proposal

On March 30, the Consumer Financial Protection Bureau issued its final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect...more

CFPB issues final Section 1071 rule on small business data collection; Ballard Spahr to hold webinar on April 17

The Consumer Financial Protection Bureau has issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act.  Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to...more

CFPB agrees to March 31, 2023 deadline for Section 1071 final rule

The CFPB has agreed to a March 31, 2023 deadline for issuing a final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA, subject to rules adopted by the...more

CFPB publishes Spring 2022 rulemaking agenda

The CFPB has published its Spring 2022 rulemaking agenda as part of the Spring 2022 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda’s preamble indicates that the information in the agenda is current...more

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