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The Ninth Circuit has granted Seila Law’s motion for a stay of the mandate pending its filing of a petition for a writ of certiorari in the U.S. Supreme Court.
The CFPB has filed its
fifth status report with the California federal district court as required by the
Stipulated Settlement Agreement (Agreement) in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting regulations to implement Section 1071 of the Dodd-Frank Act.
Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. Such data includes the race, sex, and ethnicity of the principal owners of the business. The Stipulated Settlement Agreement, which the court approved in February 2020, established a timetable for the Bureau to engage in the Section 1071 rulemaking and required the Bureau to provide status reports to the plaintiffs and the court every 90 days until a Section 1071 final rule is issued.
In December 2020, after the U.S. Supreme Court ruled that the CFPB’s structure was unconstitutional and remanded the case for further consideration, a unanimous panel of the U.S. Court .
The National Association for Latino Community Asset Builders (NALCAB) has filed its
combined opposition to the motions of the CFPB and the Consumer Financial Services Association (CFSA) to dismiss NALCAB’s lawsuit challenging the CFPB’s rescission of the “ability-to-repay” (ATR) or “mandatory underwriting provisions” in its 2017 final payday/auto title/high-rate installment loan rule (2017 Rule). The lawsuit seeks to overturn the CFPB’s July 2020 final rule (2020 Rule) that eliminated the ATR provisions but left in place the 2017 Rule’s payments provisions. The CFSA intervened in the lawsuit.
When the CFPB filed its
motion to dismiss, Acting CFPB Director Dave Uejio made clear that the motion was not intended to indicate that the “new CFPB” supports the 2020 Rule. He explained