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State Bankers Associations Urge CFPB to Delay 1071 Implementation

State Bankers Associations Urge CFPB to Delay 1071 Implementation

Posted: Aug 09 2023
NDBA joined the 50 state bankers’ associations yesterday in a letter to CFPB Director Rohit Chopra, requesting CFPB extend the court-ordered stay of its Section 1071 final rule to cover all FDIC-insured banks while the U.S. Supreme Court considers a separate legal challenge concerning the constitutionality of the bureau’s funding structure in CFPB v. Community Financial Services Association of America.
 
The 1071 case was brought by the Texas Bankers Association, Rio Bank and ABA, which asked for a national injunction covering all lenders. However, the judge sided with the CFPB’s request to have the order apply only to the associations’ members. ABA and TBA have since asked Chopra to delay 1071 compliance for all banks.  The state association letter repeats the same request.
 
“As the TBA and the ABA asserted in their letter, a stay from the bureau would streamline administration for the agency after the Supreme Court’s ruling in the Community Financial case by including all banks and not just those that are members of TBA or ABA,” the associations said. “We agree that extending the relief already provided to numerous banks nationwide would be prudent and ameliorate confusion.”
 
To view the letter, visit: https://ndba.com/uploads/48/CFPBStateBankersAssociationLetter08082023.pdf

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