The United States Court of Appeals for the Fifth Circuit has granted a stay on Section 1071’s mandatory compliance dates for those institutions that are members of the ABA (American Bankers Association), ICBA (Independent Community Bankers of America) or the Texas Bankers Association. These groups are part of the plaintiffs that previously argued the CFPB’s rule is impermissible.
The stay was granted because the CFPB essentially did nothing to oppose it. Stay tuned as this saga is far from over.
Published
2025/02/10