CFPB's §1071 Rule Stayed by Texas Court's Nationwide Injunction

October 27, 2023

ICBA Newswatch

A request from the Independent Community Bankers Association, among others, was granted by the U.S. District Court for the Southern District of Texas resulting in a nationwide injunction that prevents the Consumer Financial Protection Bureau's (CFPB) implementation and enforcement of the §1071 rule regarding business data collection to all community banks and covered financial institutions until the US Supreme Court reviews a US Court of Appeals Fifth District ruling on the constitutionality of the CFPB's funding.

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