CHORPUS CHRISTI, Texas—A federal court in Texas has delayed implementation of the CFPB’s small business lending data reporting rule until the Supreme Court rules on the constitutionality of the Bureau’s funding structure.
The Supreme Court is scheduled to hear arguments for the case Oct. 3.
The U.S. District Court for the Southern District of Texas agreed to suspend the implementation of the rule—to which credit unions and banks have both strongly objected--for members of the banking trade groups that sued but denied the groups’ request to block the rule entirely. The effective date of the rule is Aug. 29.
The rule implements section 1071 of the Dodd-Frank Act and would require financial institutions to collect data on small businesses that apply for loans.
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