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The U.S. District Court for the Southern District of Texas granted the motion to intervene filed by CUNA, the Cornerstone League, and Rally Credit Union Monday. The court’s order paves the way for CUNA, Cornerstone, and Rally, now intervenors in the case, to file a motion to ensure the injunction applies to credit unions.
“This decision is a step in the right direction, but there is more to be done to ensure credit unions have parity with banks when it comes to implementation of the CFPB’s 107 1rule,” said CUNA President/CEO Jim Nussle. “The constitutional questions under consideration by the Supreme Court have direct bearing on the CFPB’s authority to issue the rule, and we will file another motion shortly to ensure equal protection of credit unions while these underlying legal issues are addressed.”
The motion to intervene emphasized the need for consistency in implementation of this rule, particularly as the additional data collection presents increased costs, compliance resources, and training for covered institutions.