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CFPB planning changes to Section 1071

Summary by BankBeat
The Consumer Financial Protection Bureau plans to soon propose replacing or changing Section 1071.  The CFPB released its plans April 3 in a filing in a lawsuit challenging Section 1071 by Miami-based Revenue Based Finance Coalition in the U.S. District Court for Southern Florida. The CFPB requested the court suspend the case until it proposes a new rule.  “The CFPB anticipates issuing a notice of proposed rulemaking as expeditiously as reasonab…
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CFPB planning changes to Section 1071

The Consumer Financial Protection Bureau plans to soon propose replacing or changing Section 1071.  The CFPB released its plans April 3 in a filing in a lawsuit challenging Section 1071 by Miami-based Revenue Based Finance Coalition in the U.S. District Court for Southern Florida. The CFPB requested the court suspend the case until it proposes a new rule.  “The CFPB anticipates issuing a notice of proposed rulemaking as expeditiously as reasonab…

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BankBeat broke the news in on Friday, April 4, 2025.
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