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
small business
CFPB files opposition to preliminary injunction motion of intervenors in Texas lawsuit challenging CFPB’s small business lending rule
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
Plaintiffs in Kentucky lawsuit challenging CFPB final small business lending rule file motion for preliminary injunction
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
CFPB releases update for small business lending data filing instructions guide
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
Further thoughts on the lawsuit filed in Kentucky challenging the CFPB’s final small business lending rule
By Alan S. Kaplinsky on
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
Credit union intervenors join motion for preliminary injunction filed by community bank intervenors in Texas lawsuit challenging CFPB final small business lending rule
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
This week’s podcast episode: An even deeper dive into the CFPB’s final Dodd-Frank Section 1071 rule on small business data collection
By Barbara S. Mishkin on
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
Texas federal court grants motion of community bank and community bank trade groups for leave to intervene in lawsuit challenging CFPB final small business lending rule; motion for preliminary injunction filed by community bank and community bank trade groups
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
Extending relief granted in lawsuit challenging CFPB small business lending rule to all covered entities will require more intervenors
By Alan S. Kaplinsky on
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 community bank and community bank trade groups seek leave to intervene in lawsuit challenging CFPB small business lending rule
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