DOJ denied appeal of CFPB injunction

DOJ denied appeal of CFPB injunction

Freezing the CFPB at its Biden-era headcount is “problematic,” the Justice Department argued, saying the bureau was meant to employ 1,000 people at most, at its founding. Oral arguments are set for April 9 at an appeals court.

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

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 stayed compliance with the rule for many financial institutions. Most recently, the CFPB filed a response to a motion for a stay by the Revenue Based Finance Coalition in the lawsuit before the U.S. District Court for the Sou…

Federal Court Limits but Does Not Dismiss CFPB’s MLA Suit Against FinTech Company - Weiner Brodsky Kider PC

A federal judge for the U.S. District Court for the Southern District of New York recently ruled on a motion to dismiss the CFPB’s suit against a national fintech company and its subsidiaries, which alleged that the Company’s practices violated the Military Lending Act (MLA) and the Consumer Financial Protection Act’s (CFPA’s) ban on unfair, deceptive and abusive practices.  The court did not dismiss the Bureau’s suit, but found that the underly…

Federal Appeals Court Pauses Lower Court’s Order on CFPB

A federal appeals court paused a lower court’s order reversing President Trump’s actions at the Consumer Financial Protection Bureau (CFPB).

CFPB will rewrite small-business lending rule

The Consumer Financial Protection Bureau said in a court filing that it will repropose a rule requiring lenders to report small-business loan data, citing legal challenges.