Supreme Court Sides With CFPB

Just in! The Supreme Court has ruled 7-2 that the CFPB’s funding structure does not violate the Constitution. The CFPB issued a statement today and shares that:
 
This ruling upholds the fact that the CFPB’s funding structure is not novel or unusual, but in fact an essential part of the nation’s financial regulatory system, providing stability and continuity for the agencies and the system as a whole. As we have done since our inception, the Consumer Financial Protection Bureau will continue carrying out the vital consumer protection work Congress charged us to perform for the American people.

The CFPB has updated its 1071 page with new mandatory compliance dates and filing deadlines under the Section 1071 Rule:

Compliance Tier

Original Compliance Date

New Compliance Date

First Filing Deadline

Tier 1

 

October 1, 2024

July 18, 2025

June 1, 2026

Tier 2

April 1, 2025

January 16, 2026

June 1, 2027

Tier 3

January 1, 2026

October 18, 2026

June 1, 2027

 

The CFPB plans to issue an interim Final Rule to formalize these updates.

 
If you’re a member of our 1071 Thought Leadership, Implementation & Planning Group, we will undoubtedly be discussing this tomorrow during our May Group Meeting.

1071 Membership Group

Stay tuned as we learn more!

Published
2024/05/16

Amy Kudlacek

Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!

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Supreme Court Sides With CFPB
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