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.
Stay tuned as we learn more!
Published
2024/05/16