MarketScreener, June 17, 2022, CFPB Update On The Amicus Program And Other Litigation
The CFPB also provided updates on two ongoing lawsuits against it. Specifically, in August of 2020, the National Community Reinvestment Coalition, among others, sued the CFPB in the U.S. District Court for the District of Columbia over its final rule amending Regulation C, which raised the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Disclosure Act (“HMDA”) (the “2020 HMDA rule”). Plaintiffs argue that the 2020 HMDA rule violates the Administrative Procedure Act. Also, in 2019, the California Reinvestment Coalition, among others, sued the CFPBin the U.S. District Court for the Northern District of California regarding the CFPB’sobligation to issue rules implementing section 1071 of the Dodd-Frank Act. In February 2020, the court approved a stipulated settlement agreement, which established a process for setting appropriate deadlines for a proposed and final rule implementing section 1071.
