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CUNA, Cornerstone League & Rally CU Try to Intervene in 1071 Ruling

The groups are asking the court to include credit unions in preliminary injunction to the rule.

entrance to the CFPB building in Washington, D.C. Credit/Shutterstock

On Thursday, CUNA, the Cornerstone League and the $4.2 billion Rally Credit Union in Corpus Christi, Texas filed a motion to intervene with the U.S. District Court for the Southern District of Texas. The motion revolves around the court’s ruling earlier this month in which it ordered a preliminary injunction against the CFPB’s section 1071 rule – an injunction that only applied to members of the American Bankers Association – and the three credit union organizations want to be included in that ruling.

According to CUNA, the 1071 rule, which is slated to go into effect on Aug. 29, would require financial institutions to collect and report specific data on applications for credit for small businesses. Financial organizations have argued the rule is an unnecessary regulatory burden, especially for smaller institutions like credit unions.

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Michael Ogden

Michael Ogden

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

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