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Constitutional Challenges Final Rules Consumer Financial Protection Bureau (CFPB)

Clark Hill PLC

Administrative Law Report - March 2025, Vol. 5

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Welcome to your monthly rundown of all things administrative law, where we highlight all the happenings you may have missed....more

Troutman Pepper Locke

CFSA Attempts to Renew Small Dollar Lending Rule Litigation in Supreme Court Petition

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On March 7, the Community Financial Services Association of America (CFSA) and the Consumer Service Alliance of Texas filed a petition for a writ of certiorari with the U.S. Supreme Court seeking to overturn a decision by the...more

Orrick, Herrington & Sutcliffe LLP

Court stays a medical debt credit reporting case against CFPB

On February 13, the U.S. District Court for the Southern District of Texas stayed a lawsuit against the CFPB regarding the CFPB’s medical debt reporting final rule. The final rule, which the CFPB finalized in early January,...more

Orrick, Herrington & Sutcliffe LLP

2nd challenge to CFPB medical debt reporting rule filed in Texas

On January 8, a complaint was filed in the U.S. District Court for the Southern District of Texas challenging the CFPB’s newly finalized medical debt rule that restricts credit reporting agencies from including medical debt...more

Troutman Pepper Locke

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

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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

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Fifth Circuit Rules CFPB Credit Card Late Fee Rule Case Stays in Texas

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On June 18, the Fifth Circuit Court of Appeals granted the plaintiffs’ petition for a writ of mandamus, effectively halting the transfer of the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more

Ballard Spahr LLP

Fifth Circuit (again) rejects transfer of credit card late fee case to D.C.

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On June 19, 2024, the Fifth Circuit dissolved the district court’s order transferring the case challenging the CFPB’s credit card late fee rule. In granting the writ of mandamus filed by the plaintiff trade associations...more

Ballard Spahr LLP

CFPB announces March 30, 2025 compliance date for payday lending rule

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In a blog post published at the end of last week, the CFPB announced that its payday lending rule (Rule) would go into effect on March 30, 2025.  Because the Rule’s ability to pay requirements were rescinded, the only...more

Ballard Spahr LLP

Transfer Redux: Once again, CFPB Late Fee litigation transferred from Texas to DC, transfer challenged in Fifth Circuit

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In a replay of earlier events, in response to an emergency petition for writ of mandamus and administrative stay of transfer filed by the plaintiffs in the lawsuit challenging the legality of the CFPB’s credit card late fee...more

Troutman Pepper Locke

Texas District Court Orders Transfer of the Credit Card Late Fee Rule Lawsuit to D.C. … Again: Fifth Circuit Promptly Issues Stay

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On Tuesday, the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee rule (Final Rule) was ordered to be transferred from the U.S. District Court for the Northern District of...more

Ballard Spahr LLP

Was it a pyrrhic victory for the CFPB in the Supreme Court in CFSA v. CFPB?

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On May 16, Justice Thomas issued the majority opinion in which the Supreme Court held, by a 7-2 vote, that the CFPB’s funding mechanism comported with the Appropriations Clause of the Constitution which states, in relevant...more

Troutman Pepper Locke

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

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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

Troutman Pepper Locke

The Decision Is In: The Supreme Court Upholds the CFPB’s Funding Structure

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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 the CFPB’s...more

Ballard Spahr LLP

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

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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

Troutman Pepper Locke

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

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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...

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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

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Kentucky Federal Court Grants Preliminary Injunction Enjoining CFPB’s Enforcement of its Section 1071 Rule Until After U.S....

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On September 14, a federal district court in the Eastern District of Kentucky became the second court to issue an order granting, in part, a plaintiffs’ motion for a preliminary injunction enjoining the Consumer Financial...more

Troutman Pepper Locke

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

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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

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

Why the Texas federal court should have gone further in preliminarily enjoining the CFPB from implementing and enforcing its small...

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On Monday, 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) issued an order that preliminarily enjoins the CFPB from...more

Troutman Pepper Locke

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

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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

Ballard Spahr LLP

CFPB files opposition to preliminary injunction motion in lawsuit challenging Section 1071 final rule

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The CFPB has filed its opposition to the motion seeking a preliminary injunction filed by the plaintiffs in the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule)....more

Troutman Pepper Locke

Texas Bankers Challenge CFPB’s Section 1071 Rule

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On April 26, the Texas Bankers Association and Rio Bank, McAllen, Texas filed a complaint in the U.S. District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more

Goodwin

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

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In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more

Goodwin

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

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In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

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