News & Analysis as of

Final Rules Stays Consumer Financial Protection Bureau (CFPB)

Ballard Spahr LLP

CFPB won’t make small business reporting rule a priority

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The CFPB has announced it will not make enforcement of its rule requiring financial institutions to report their lending to women-owned, LGBTQI+-owned and minority-owned small businesses a priority....more

Orrick, Herrington & Sutcliffe LLP

District court stays CFPB’s 1071 final rule and tolls compliance

On May 6, the U.S. District Court for the Southern District of Florida granted a plaintiff’s unopposed motion to stay the CFPB’s Section 1071 final rule and toll the rule’s compliance deadlines. As previously covered by...more

Sheppard Mullin Richter & Hampton LLP

CFPB Halts Enforcement of Small Business Lending Rule for Institutions Outside Fifth Circuit

On April 30, the CFPB announced it will deprioritize enforcement and supervision of its small business lending data collection rule for institutions not covered by the stay issued by the U.S. Court of Appeals for the Fifth...more

Ballard Spahr LLP

CFPB to Reopen Rulemaking on the Section 1071 Small Business Loan Data Collection and Reporting Rule

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As we have reported previously, including here, here, and here, the CFPB’s section 1071 small business loan data collection and reporting rule is facing court challenges.  The U.S. Court of Appeals for the Fifth Circuit has...more

Orrick, Herrington & Sutcliffe LLP

Fintech trade association moves to intervene against CFPB in open banking litigation

On March 26, the U.S. District Court for the Eastern District of Kentucky received a renewed motion from a fintech trade association to intervene in a case against the CFPB’s Personal Financial Data Rights rule. The trade...more

Troutman Pepper Locke

CFPB Continues “Pausing” Litigation: This Time in Medical Debt Rule Litigation

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The Consumer Financial Protection Bureau (CFPB or Bureau) requested and was granted a 90-day stay in the litigation involving trade associations Cornerstone Credit Union League (Cornerstone) and the Consumer Data Industry...more

Troutman Pepper Locke

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

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

Fifth Circuit extends stay of district court order transferring to D.C. lawsuit challenging CFPB final credit card late fee rule;...

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The U.S. Court of Appeals has extended until 5 p.m. CT today its administrative stay of the district court’s order transferring the case to the U.S. District Court for the District of Columbia. This is the Fifth Circuit’s...more

Troutman Pepper Locke

Fifth Circuit Temporarily Halts Transfer of Credit Card Late Fee Rule Lawsuit

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On April 2, the U.S. Court of Appeals for the Fifth Circuit issued an order staying the district court’s decision to transfer the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) credit card late fee rule...more

Troutman Pepper Locke

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

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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

Troutman Pepper Locke

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

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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

Troutman Pepper Locke

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

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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

Bradley Arant Boult Cummings LLP

Stay of Litigation and Compliance Date Continued in Payday Lending Rule Lawsuit

Following the status report filed last week by the parties involved in the lawsuit challenging the CFPB’s Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule, the Texas district court faced with the case...more

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