Yet another unopposed emergency motion for leave to intervene has been filed in the Texas lawsuit challenging the CFPB’s final small business lending rule (Rule).  The latest proposed intervenors are XL Funding, LLC d/b/a Axle Funding, LLC (Axle) and the Equipment Leasing and Finance Association (ELFA) (collectively, the Proposed ELFA Intervenors).… Continue Reading

The CFPB has filed its opposition to the motion for a preliminary injunction filed by the intervenors in the Texas federal court lawsuit challenging the CFPB’s final small business lending rule (Rule).  The intervenors are several credit unions, community banks, and credit union and community bank trade associations.

In the Texas lawsuit, the court entered an order on July 31 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 Kentucky banks and Kentucky trade association that filed a lawsuit in a Kentucky federal district court challenging the CFPB’s final small business lending rule (Rule) have filed a motion for a preliminary injunction.  The court has ordered the CFPB, if it objects to the motion, to file a response by September 5, 2023.… Continue Reading

The CFPB has released an update to the Filing Instructions Guide for Small Business Lending Data. The Guide is intended to serve as a set of resources for entities who will be required to file small business lending data with the CFPB in 2025 covering the period from October 1, 2024 to December 31, 2024.… Continue Reading

We recently reported that the Kentucky Bankers Association and several Kentucky banks filed a lawsuit against the CFPB in the U.S. District Court for the Eastern District of Kentucky alleging that the CFPB’s final small business lending rule (Rule) is invalid because, among other reasons, the CFPB is unconstitutionally funded.  We expressed surprise that the plaintiffs chose that path instead of seeking leave to intervene in the lawsuit challenging the Rule that was filed by the American Bankers Association (ABA), Texas Bankers Association (TBA) and Rio Grande Bank and is pending in the U.S.… Continue Reading

Rally Credit Union, the Credit Union National Association, and Cornerstone Credit Union League (Credit Union Intervenors) have filed a joinder to the motion for preliminary injunction filed by Texas First Bank, Independent Bankers Association of Texas, and Independent Community Bankers of America (Community Bank Intervenors) in the Texas lawsuit challenging the CFPB’s final small business lending rule (Rule).… Continue Reading

The CFPB’s final rule implementing Section 1071 requires financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women-, minority- or LGBTQI+-owned small businesses.  In this episode, we respond to questions received from attendees of our April 2023 attendance-breaking webinar about the final rule. … Continue Reading

Two new developments occurred yesterday in the Texas lawsuit challenging the CFPB’s final small business lending rule (Rule). 

First, the Texas federal district court granted the unopposed emergency motion of Texas First Bank (Texas First), Independent Bankers Association of Texas (IBAT), and Independent Community Bankers of America (ICBA) seeking leave to intervene in the lawsuit. … Continue Reading

A Texas credit union and two credit union trade associations have been granted leave to intervene in the lawsuit challenging the CFPB’s final small business lending rule (Rule) that is pending in a Texas federal district court.  The Unopposed Emergency Motion for Leave to Intervene was filed by Rally Credit Union (Rally), a Texas-chartered credit union, the Credit Union National Association (CUNA), a national credit union trade association, and Cornerstone Credit Union League (CCUL), a regional credit union trade association. … Continue Reading

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