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#2290196 - 10/27/23 02:24 PM Re: CFPB releases 1071 final rule Sheldon Hendrix
Sheldon Hendrix Offline
Diamond Poster
Sheldon Hendrix
Joined: Jun 2006
Posts: 1,194
South
Source: TBA

In his Order, Judge Crane enjoined the CFPB from implementing and enforcing the Sec. 1071 Final Rule against the members of TBA and ABA, intervenors from the ICBA and IBAT, the Credit Union National Association, the Equipment Leasing and Finance Association, and all covered financial institutions pending the USSC’s rendering of its opinion in the Community Financial case on the constitutionality of the CFPB’s funding structure. “Defendants shall immediately cease all implementation or enforcement of the Final Rule against Plaintiffs and their members, Intervenors and their members, and all covered financial institutions.” As was the case in the original preliminary injunction, deadlines for compliance will be tolled until after the USSC issues its Community Financial decision.

Just headlines from credible sources. Not mis- or dis- information.

IMO, this is a huge win for the industry for the time being! smile

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#2290203 - 10/27/23 05:02 PM Re: CFPB releases 1071 final rule InFairness, CRCM
RustyShackleford Offline
Member
Joined: Sep 2015
Posts: 97
If anyone wants to read the full order, I found it at https://www.bloomberglaw.com/public...al/4?doc_id=X4OE7GFH9228909KMU4N0LJJP2C.

Enjoy, but don't make any significant decisions or operate heavy machinery immediately after reading.

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#2290228 - 10/30/23 02:17 PM Re: CFPB releases 1071 final rule InFairness, CRCM
Inherent_Risk Offline
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Joined: Jan 2017
Posts: 573
Anyone read whether the stay is retroactive to the previous stay? Will the compliance dates be pushed back based on the first order or will there still be staggered compliance dates?

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#2290262 - 10/31/23 03:20 PM Re: CFPB releases 1071 final rule InFairness, CRCM
RustyShackleford Offline
Member
Joined: Sep 2015
Posts: 97
In addition to IR's question above, I'm also wondering, does this nationwide extension of the injunction also move out the date when institutions can legally begin collecting the information from customers? Do we need to worry about risk exposure from collecting the information too early (for those of us continuing with preparation to ensure we're ready if SCOTUS rules in favor of the CFPB & legislative effort fails)?

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#2290305 - 11/01/23 03:58 PM Re: CFPB releases 1071 final rule InFairness, CRCM
Chinchilla Fan Offline
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Joined: May 2022
Posts: 51
I was on BCC's 'A Look Back & What Lies Ahead' webinar yesterday and they brought this up. According to them, it does push back the compliance date for everyone by however long it takes the supreme court to make a decision. The compliance dates would still be staggered, but you'd get an extra x number of months from when you were initially supposed to begin collecting and reporting.

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#2290331 - 11/01/23 09:57 PM Re: CFPB releases 1071 final rule InFairness, CRCM
Sheldon Hendrix Offline
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Sheldon Hendrix
Joined: Jun 2006
Posts: 1,194
South
I was on an ABA monthly 1071 working group earlier this week, and gathered the same as you did.

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#2290339 - 11/02/23 02:28 PM Re: CFPB releases 1071 final rule InFairness, CRCM
Inherent_Risk Offline
Platinum Poster
Joined: Jan 2017
Posts: 573
I meant are they staggered between ABA members to non-ABA members. ABA stay is from 7/31 until there is an SC decision. Does the more recent order pull everyone into that or does it create a new stay running from the October? Assuming a January decision, ABA members would be able to push their compliance dates about 5 months. Will everyone get that or will non-ABA only be able to push their compliance dates 2-3 months?

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#2290359 - 11/02/23 08:51 PM Re: CFPB releases 1071 final rule InFairness, CRCM
Chinchilla Fan Offline
Member
Joined: May 2022
Posts: 51
According to the BCC webinar, it brought everyone into the stay. The webinar was recorded and free if you are interested in their take.

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#2291561 - 12/11/23 08:51 PM Re: CFPB releases 1071 final rule InFairness, CRCM
JobSecurity Offline
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Joined: Oct 2009
Posts: 604
Does anyone know when the resolution is supposed to be on the President's desk to sign? I can't find any updated information on if he still plans to veto it or not. Thanks!

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#2291564 - 12/11/23 09:02 PM Re: CFPB releases 1071 final rule InFairness, CRCM
John_Burnett Offline
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John_Burnett
Joined: Feb 2013
Posts: 307
Cape Cod
He has stated he will veto it.
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#2291821 - 12/20/23 03:52 PM Re: CFPB releases 1071 final rule InFairness, CRCM
RustyShackleford Offline
Member
Joined: Sep 2015
Posts: 97
As promised, Biden vetoed S.J. Res. 32 yesterday (https://www.reuters.com/world/us/bi...pbs-small-business-loan-rule-2023-12-19/).

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#2291853 - 12/20/23 07:55 PM Re: CFPB releases 1071 final rule InFairness, CRCM
John_Burnett Offline
Gold Star
John_Burnett
Joined: Feb 2013
Posts: 307
Cape Cod
No surprise there. But the rule is still subject to the injunction against enforcement from the Federal District Court for the Southern District of Texas pending a ruling by SCOTUS on the constitutionality of the Bureau's funding mechanism.
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