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Kentucky banks stand tall

Independent Banker

Chris Vogt of the Wisconsin Badgers NCAA basketball team presents an anonymous donation to First Kentucky Bank officials. We’re not thought of as ‘tornado alley’ around here, at least not before this,” says Stacy Overby, senior vice president of $535 million-asset First Kentucky Bank in Mayfield, Ky. Stacy Overby, First Kentucky Bank.

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Kentucky Federal District Court Issues Order Enjoining the CFPB From Enforcing the Small Business Data Collection Rule as to All Companies Effected by the Rule

CFPB Monitor

On September 14 th , the Federal District Court for the Eastern District of Kentucky granted the plaintiff’s motion to preliminarily enjoin the CFPB from implementing the Small Business Lending Rule (“Rule”) promulgated under section 1071 of the Consumer Financial Protection Act. Continue Reading

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Kentucky student loan servicer license application available on NMLS

CFPB Monitor

Last year, Kentucky enacted the Student Education Loan Servicing, Licensing, and Protection Act of 2022 (the “Act”), which requires student loan services to be licensed in Kentucky. The Act took effect on July 13, 2023 (the “Effective Date”).

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CFPB files opposition to preliminary injunction motion of plaintiffs in Kentucky lawsuit challenging CFPB’s small business lending rule

CFPB Monitor

The CFPB has filed its opposition to the motion for a preliminary injunction filed by the plaintiffs in the Kentucky federal court lawsuit challenging the CFPB’s final small business lending rule (Rule). The plaintiffs in the Kentucky lawsuit are the Kentucky Bankers Association and several Kentucky banks.

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Plaintiffs in Kentucky lawsuit challenging CFPB final small business lending rule file motion for preliminary injunction

CFPB Monitor

The Kentucky banks and Kentucky trade association that filed a lawsuit in a Kentucky federal district court challenging the CFPB’s final small business lending rule (Rule) have filed a motion for a preliminary injunction. The court has ordered the CFPB, if it objects to the motion, to file a response by September 3, 2023.

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Further thoughts on the lawsuit filed in Kentucky challenging the CFPB’s final small business lending rule

CFPB Monitor

We recently reported that the Kentucky Bankers Association and several Kentucky banks filed a lawsuit against the CFPB in the U.S. District Court for the Eastern District of Kentucky alleging that the CFPB’s final small business lending rule (Rule) is invalid because, among other reasons, the CFPB is unconstitutionally funded.

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Kentucky enacts licensing requirement for servicers of private and federal student loans

CFPB Monitor

Kentucky recently enacted HB 494 , titled the “Student Education Loan Servicing, Licensing, and Protection Act of 2022,” which will require student loan servicers to be licensed in Kentucky. The Act applies to servicers of private student loans and federal student loans.