Last week, we published a blog post urging the CFPB to agree to extend the relief granted by the Texas federal district court in the lawsuit challenging the CFPB’s final small business lending rule (Rule) to all entities covered by the Rule.  The plaintiffs in the case are the Texas Bankers Association (TBA), the American Bankers Association (ABA), and Rio Bank, McAllen, Texas.  … Continue Reading

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 court to intervene in the lawsuit challenging the CFPB’s final small business lending rule (Rule).  Texas First is a Texas community bank, IBAT is a trade association that represents Texas community banks, and ICBA is a national trade association that represents community banks.… Continue Reading

Yesterday, we published a blog post in which I urged the CFPB to agree to extend the relief granted by the Texas federal district court in the lawsuit challenging the CFPB’s final small business lending rule (Rule) to all entities covered by the Rule. 

The court issued an order that preliminarily enjoins the CFPB from implementing and enforcing the Rule “pending the Supreme Court’s reversal of [Community Financial Services Association of America Ltd.Continue Reading

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 implementing and enforcing the Rule “pending the Supreme Court’s reversal of [Community Financial Services Association of America Ltd.Continue Reading

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 implementing and enforcing the Rule “pending the Supreme Court’s reversal of [Community Financial Services Association of America Ltd.Continue Reading

Last week, the CFPB added a set of Frequently Asked Questions to the compliance resources on its website for its small business lending rule implementing Dodd-Frank Section 1071.  

The CFPB also published a slide deck for a webcast it held titled “Determining institutional coverage pursuant to the small business lending rule.” … Continue Reading

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).  The plaintiffs in the amended complaint are the Texas Bankers Association (TBA),  the American Bankers Association (ABA), and Rio Bank, McAllen, Texas.… Continue Reading

Two joint resolutions under the Congressional Review Act (CRA) to override the CFPB’s final Section 1071 small business lending rule have been introduced by Republican members in the House.  The resolutions are H.J. Res. 50 introduced on April 3, 2023 and H.J. Res. 66 introduced on May 31, 2023.  (Since the two resolutions and their sponsors are identical, except that H.J.… Continue Reading

At the end of March 2023, the CFPB 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 collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses. … Continue Reading

The CFPB has published a document on its website that “communicates the extent to which the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B apply with respect to franchises seeking credit to finance their businesses.”  The document also addresses the application of the CFPB’s Section 1071 rule on small business lending to franchise financing.… Continue Reading