On July 31st, a U.S. District Court in Texas ordered a stay to the 1071 compliance dates for members of the American Bankers Association and Texas Bankers Association. The Order requires the stay to remain in effect until after the Supreme Court issues a final decision on the constitutionality of the CFPB’s funding structure.
From what we understand, a final decision on the constitutionality issue is not expected until sometime in mid-2024. If the CFPB’s funding is found to be constitutional, the Court ordered the 1071 compliance deadlines be extended.
Again, this only applies to members of the American Bankers Association and the Texas Bankers Association, as well as Rio Bank in Texas.
This is an interesting turn of events and we have a lot of questions since it’s quite unique for a “stay” to only apply to certain institutions. Stay tuned!
Published
2023/07/31