Nonprofits and a small business owner brought this case against the Consumer Financial Protection Bureau (CFPB) for failing to implement Section 1071 of the Dodd-Frank Act, which requires financial institutions to collect and report data on credit applications from women-owned, minority-owned, and small businesses. Plaintiffs allege that although CFPB admitted its duty in a 2020 settlement and finalized a Lending Transparency Rule in 2023, the agency has unlawfully delayed enforcement. They cite CFPB’s April 2025 announcement that it would not prioritize supervision or enforcement, followed by a June 2025 interim final rule postponing compliance until at least July 2026 without public notice or comment. Plaintiffs argue these actions violate the Administrative Procedure Act and the Equal Credit Opportunity Act and seek declaratory and injunctive relief compelling CFPB to enforce the rule and begin data collection immediately.
