The CFPB set new implementation dates for its small business lending data reporting rule and the payday lending rule. However, the new deadlines could still face court challenges.
How the bureau delegates on rulemaking has changed in recent years under Rohit Chopra, according to John Tonetti, former senior policy analyst in the Office of Supervision Policy.
The preliminary injunction came after a challenge by the U.S. Chamber of Commerce, the American Bankers Association and other trade groups. The ruling could spell trouble for the Biden administration’s fight against so-called “junk fees” in the financial services industry.