Court Leans Toward CFPB in MCA Section 1071 Lawsuit

A federal magistrate judge found that the CFPB did not overstep its authority when it subjected MCA transactions to the Small Business Data collection rule slated to go into effect this year. The lawsuit was filed a little over a year ago by the RBFC. The RBFC has the opportunity to file an objection within 14 days. For an analysis of the findings, you should consult with an attorney. It can be downloaded here.

This course of events is not related to the recent headwinds the CFPB is facing otherwise.