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!