A Texas district court affirmed the CFPB has authority to issue the upcoming small-business lending data collection rule. The court, however, didn’t express an opinion on the wisdom of the rule.

Groups representing the farm credit industry claim the CFPB’s small-business lending data collection rule is invalid as it was developed by the bureau when it was receiving funds unconstitutionally.

The NCLC is asking the bureau to pursue rulemaking to apply the Equal Credit Opportunity Act’s adverse action requirement to renters and ban the use of medical debt in tenant screening decisions.

The American Bankers Association said a proposed interpretative rule will discourage banks from EWA products, limiting access to a convenient and potentially free source of small dollar, short-term liquidity.

The final rule goes into effect Sept. 16, with the registration deadline for large nonbanks starting Oct. 16.

The CFPB does not intend to seek penalties for violations of the interpretive rule while BNPL lenders are transitioning into compliance in a good faith and expeditious manner.

Some banks continue to press the CFPB for a reporting exemption for small banks as the rule will create additional burdens on these banks who may get frustrated and end up selling or closing their businesses.

While updates to Regulation X are needed, many of the bureau’s proposed changes will create limitations or additional challenges for mortgage servicers, according to industry experts.

The regulators clarified that the final document is intended to be limited to “real estate-related financial transactions that are secured by a single 1-to-4 family residential property.”

The proposed rule fails to provide a bright-line test for lenders and employers, an attorney with the Dorsey & Whitney law firm said.