TSL Express Daily News

The Secured Lender

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SFNet's The 81st Annual Convention Issue
 

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#3 -_ 1 (1)

October 30, 2023

Source: SFNet

A federal judge in Texas issued an order this week that subjects the Consumer Financial Protection Bureau’s (CFPB) 1071 small business lending data collection rule is to a nationwide injunction.  The ruling delays implementation by at least 10 months.  The court initially issued only a partial injunction applying to American Bankers Association members Texas Bankers Association members, and Rio Bank, but the expanded injunction covers all banks, credit unions, fintechs, and other lenders under the CFPB’s jurisdiction. The CFPB finalized the rule in August.  SFNet had previously successfully minimized the impact of 1071 on asset-based lenders and factors.