CFPB Small Business Rule Put on Hold Across US by Texas Judge

The Consumer Financial Protection Bureau’s small business lending data collection rule is now on pause nationwide after a Texas federal judge expanded an order that previously applied only to certain banks.

Chief Judge Randy Crane of the US District Court for the Southern District of Texas in July imposed a preliminary injunction stopping the CFPB from requiring members of the American Bankers Association, Texas Bankers Association, as well as Rio Bank of McAllen, Texas, to comply with the regulation. Crane said the injunction would hold until the US Supreme Court made its ruling on the constitutionality of the CFPB’s independent ...