The Consumer Financial Protection Bureau’s (CFPB) new rule requiring lenders to collect demographic data – one it was required to issue under the Dodd-Frank Act as well as a court order – has been blocked by a federal judge in Texas while the bureau waits to make its funding structure argument before the Supreme Court.
The injunction in the Southern District of Texas barred the CFPB from requiring Rio Bank of McAllen, Texas, and members of the Texas Bankers Association (TBA) and American Bankers Association (ABA) to comply with the small-business lending rule until the Supreme Court (SCOTUS) rules on the bureau’s funding.
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