CFPB Keeps Its Enforcement and Supervision Resources Focused on Pressing Threats to Consumers

WASHINGTON, D.C. – The Consumer Financial Protection Bureau is announcing today that, with respect to the regulation titled Small Business Lending Under the Equal Credit Opportunity Act (Regulation B), implementing Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 88 Fed. Reg. 35,150 (May 31, 2023), it will not prioritize enforcement or supervision actions with regard to entities that are currently outside the stay imposed under Texas Bankers Association v. CFPB, No. 24-40705 (CA5). The Bureau will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans. The Bureau takes this step in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses. Even absent resource constraints, the Bureau would deprioritize enforcement of this rule because of the unfairness of enforcing it against entities not protected by the court’s stay but similarly situated to parties that are protected by the stay. The Bureau looks forward to resolving the status of this regulation and ensuring fair, consistent treatment for all entities impacted by the regulation.