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Fifth Circuit stays 1071 rule compliance after CFPB declines to litigate
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Consumer Protection, Industry Regulation
Tuesday, February 11, 2025
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Many financial services institutions will not have to comply with data collection requirements detailed in the Consumer Financial Protection Bureau’s (CFPB) small business lending rule following a federal court decision. The court was scheduled to hear oral arguments in the case Feb. 3 but canceled the hearing after new leadership at the CFPB declined to defend the rule.
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