On Nov. 7, 2023 the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, establish the CFPB’s supervisory authority over certain “larger participant” nonbank companies that provide digital wallets and payment applications. The CFPB will receive comments on the proposed rule through Jan. 8, 2024, or 30 days after the proposed rule is published in the Federal Register, whichever is later.
On Oct. 26, 2023, the U.S. District Court for the Southern District of Texas issued a nationwide injunction prohibiting the Consumer Financial Protection Bureau (CFPB) from implementing or enforcing its Small Business Lending Rule, which was crafted to implement Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
On Oct. 26, 2023, the U.S. District Court for the Southern District of Texas issued a nationwide injunction prohibiting the Consumer Financial Protection Bureau (CFPB) from implementing or enforcing its Small Business.
On Oct. 19, 2023, the CFPB released a proposed rule that, if finalized in its present form, would require covered financial institutions to provide consumers and authorized third parties with access.