CFPB headquarters. CFPB headquarters. Credit/Shutterstock

In response to a lawsuit filed by the American Bankers Association (ABA), the U.S. District Court for the Southern District of Texas granted a preliminary injunction to the CFPB’s 1071 final rule, which would require data collection of certain loans. While the lawsuit is a temporary victory, the judge’s decision to stop the implementation of the final rule applies to Texas Bankers Association and ABA members only and not credit unions.

Credit union officials with NAFCU and CUNA sent a letter Monday to CFPB Director Rohit Chopra requesting the bureau extend the final rule delay to include credit unions. The final rule on section 101 of the Dodd-Frank Act is scheduled to go into effect on Aug. 29.

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Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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