An unopposed emergency motion for leave to intervene has been recently submitted in the Texas lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) final rule regarding small business lending. The motion was filed by XL Funding, LLC, doing business as Axle Funding, LLC (Axle) and by the Equipment Leasing and Finance Association (ELFA) – collectively referred to as the Proposed ELFA Intervenors.
Axle, a nonbank floorplan lender, and ELFA, a trade association for nonbank providers of equipment and vehicle financing, are seeking a voice in the ongoing legal dispute over the CFPB’s rulemaking. The nature of their intervention details are not yet public.
Remember that this is only a developing story. As more information becomes available, the situation could evolve. There are numerous potential ramifications of this intervention, impacting the legal landscape of small business lending and the role of nonbank lenders, among other areas. We will provide updates as more details are revealed.
The full article providing a more detailed discussion can be found at JD Supra.