On Monday, a federal judge in Texas issued an order blocking CFPB’s enforcement of the Section 1071 final rule while the Supreme Court deliberates a challenge to the constitutionality of their funding structure.

The relief applies while the Supreme Court hears the constitutional challenge to the CFPB in CFPB v. Community Financial Services Association of America, scheduled to be argued in October and whose decision could be released any time before the end of June 2024, at which point new compliance deadlines would be issued for American Bankers Association members and Texas Bankers Association members.

ABA is conducting a free webinar this Friday, August 4th, at 10am Central to address banker questions and how banks can confirm their ABA membership status.

You can register for the webinar here.

CCI suggests you forward this information to your Compliance and Lending staff. As always, CCI is happy to help with any compliance-related questions.