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Regulatory Agenda › Dodd-Frank Wall Street Reform and Consumer Protection Act › Data Collection

Sheppard Mullin Richter & Hampton LLP

CFPB Signals Shift in Position on Section 1071 Compliance Pause

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This week, the CFPB filed an emergency notice in the Fifth Circuit Court of Appeals, indicating that it no longer opposes a pause in compliance with its Section 1071 small business data-collection rule. This marks a...more

Morrison & Foerster LLP

Open Banking Update: CFPB Recognizes First Open Banking Standard-Setting Body

Morrison & Foerster LLP on

On January 8, 2025, the Consumer Financial Protection Bureau (CFPB) issued a decision and order approving the application of Financial Data Exchange, Inc. (FDX) for recognition as a standard-setting body (SSB) under the...more

Ballard Spahr LLP

Plaintiffs free to appeal CFPB 1071 Rule after some plaintiffs drop their CFPB unlawful funding claim

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On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more

Ballard Spahr LLP

Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

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In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more

Ballard Spahr LLP

Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

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In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more

Troutman Pepper Locke

Sales-Based Financing Trade Group Files Suit Challenging CFPB’s Section 1071 Rule

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Late last month, the Revenue Based Finance Coalition (RBFC), a trade group of sales-based financing providers, filed a complaint in the U.S. District Court for the Southern District of Florida challenging the Consumer...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

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

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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

Eversheds Sutherland (US) LLP

Focus on Fintech: CFPB Probes Big Tech Plans for Payments

Eversheds Sutherland (US) LLP on

On October 21, 2021, the CFPB sent orders to Amazon, Apple, Facebook, Google, PayPal, and Square requiring them to provide information about their current and planned payments products, practices, and data collection and...more

Ballard Spahr LLP

CFPB files answer in lawsuit challenging delay in Section 1071 implementation

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The CFPB has filed an answer in the lawsuit filed in May 2019 in a California federal district court by the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual...more

Ballard Spahr LLP

CA Reinvestment Coalition sues CFPB for delaying Section 1071 implementation

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The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank...more

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