2023-2024 Tax Planning Guide
Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
A Refresher on the Trust Fund Recovery Penalty for Business Owner...
Valuations Can Help Business Owners Plan for the Future
SBA Lenders: Beware of BSA
On Oct. 26, 2023, the U.S. District Court for the Southern District of Texas extended an existing injunction against the Consumer Financial Protection Bureau (CFPB) from implementing and enforcing Section 1071 of the Dodd-Frank Act (Regulation B Small Business Lending Data Collection Rule). The existing injunction for the rule only applied to Texas First Bank, Independent Bankers Association of Texas and Independent Community Bankers of America. Now all small business lenders nationwide, including credit unions, are covered by the injunction and do not currently have to comply with the final rule, which amounts to a probable pause on taking steps to prepare to comply. Note, the injunction is temporary. It lasts until the Supreme Court rules on the very constitutionality of the CFPB in the case of Community Financial Services Association of America Ltd. v. CFPB, the District Court rules, or the District Court decides to remove the preliminary injunction.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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