A wave of preliminary injunction motions in the recent Texas lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) small business lending rule has sparked debate about whether there might be a more efficient route to nationwide relief. Last Thursday, yet another motion was filed, this time by XL Funding, LLC d/b/a Axle Funding, LLC (Axle) and the Equipment Leasing and Finance Association (ELFA) – otherwise known as the ELFA Intervenors.
The latest filing followed swiftly on the heels of the court’s approval of the ELFA Intervenors’ motion for leave to intervene, and their subsequent lodging of an intervenor complaint. As an increasing number of parties seek to intervene and introduce their own motions, it is unclear whether this flurry of action will hasten or hinder the resolution process. In light of this, some commentators are querying if a different legal tactic might prove more efficacious.
For those interested in unpacking the details further, the case particulars are accessible here.
Given the complexity and far-reaching potential repercussions of this case, it is crucial for legal professionals to stay abreast of developments. To do so, keep an eye out for updates from Ballard Spahr LLP who are closely monitoring the case’s developments.
The CFPB’s small business lending rule has been an area of contention for some time now, and this latest legal challenge in Texas only adds to the ongoing debate. As cases progress and more motions are filed, many will be watching to see if a new legal approach emerges – one that may provide a more expedient route to nationwide relief.