Newsroom
Federal court halts CFPB small business lending rule for some
Monday, a federal court in Texas delayed implementation of the CFPB’s small business lending data reporting rule for the bankers’ associations that filed a lawsuit challenging the rule until the Supreme Court rules on the constitutionality of the bureau’s funding structure. The Supreme Court is scheduled to hear arguments for the case Oct. 3.
The U.S. District Court for the Southern District of Texas agreed to suspend the implementation of the rule for members of the banking trade groups that sued but denied the groups’ request to block the rule entirely. The effective date of the rule is Aug. 29.
The rule implements section 1071 of the Dodd-Frank Act and would require banks to collect data on small businesses that apply for loans. NAFCU consistently expressed opposition to the rule, noting its requirements would likely stifle credit unions’ small business lending. The association is supportive of legislative efforts to undo the rule.
Stay tuned to NAFCU Today for the latest out of Washington.
Share This
Related Resources
Add to Calendar 2023-09-27 14:00:00 2023-09-27 14:00:00 Financial Services Mega-Trends: Welcome to a Whole New World of Financial Services About the Webinar A transformation is underway in the U.S. financial services industry that will have a profound impact on how participants do business, how they strategize about their futures, and how they collaborate around products, service and information. During this session, Cynthia Schroeder, Larry Pruss, and Patti Wubbels will highlight mega-trends worth watching. Key Takeaways: • How the financial services business model is changing • How new entrants are disrupting the industry through innovation • How technology is changing the nature of financial services delivery and distribution • How demographic shifts require credit unions to adapt their cultures and value propositions to gain market share among younger members • How credit unions must adopt a security-first mindset to protect their reputations and the data of their members Register Here Web NAFCU digital@nafcu.org America/New_York public
Financial Services Mega-Trends: Welcome to a Whole New World of Financial Services
preferred partner
Strategic Resource Management
Webinar
Cyber Threat Intelligence: The Key to Threat Surveillance
Cybersecurity, Risk Management
preferred partner
DefenseStorm
Blog Post
How to Begin the Search for a Mortgage Subservicer on the Right Foot
Mortgage Servicing
preferred partner
Dovenmuehle
Blog Post
Artificial Intelligence and Adverse Actions
Technology
Blog Post
Get daily updates.
Subscribe to NAFCU today.