In a major victory for small business lenders, yesterday the U.S. District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing injunction against the Consumer Financial Protection Bureau’s (CFPB or Bureau) enforcement of its final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule) to cover all small business lenders nationwide. A discussion of the preliminary injunction issued by that Texas federal court on July 31 can be found here. The injunction in Texas Bankers Association v. CFPB will dissolve if the U.S. Supreme Court reverses the Fifth Circuit in Community Financial Services Association v CFPB (CFSA case), which found the CFPB’s funding structure unconstitutional.
Kaitlin is an associate in the firm's Business Litigation practice. She served as a law clerk to the Hon. Thomas L. Ambro of the U.S. Court of Appeals for the Third Circuit and the Hon. Wendy Beetlestone of the U.S. District Court for the Eastern District of Pennsylvania, where she gained essential experience tackling complex legal issues.