The U.S. Appeals Court for the District of Columbia issued a temporary stay, delaying the implementation of the Loan Originator Compensation rule for five days. The stay provides the Appeals Court sufficient time to consider the emergency motion for expedited relief and the emergency motion to stay implementation of the final rule.
In the order, the Appellate Court was very cleat that the stay in no way can be construed as any type of ruling on the merits of the case, it is only to provide an opportunity for the parties to respond to the motions and for the court to rule on the motion.
The Federal Reserve is allowed to submit a response to the motions by noon on Monday, April 4th. The court limited their response to 20 pages. The Appellants then have until 10:00 AM, Tuesday, April 5th to submit a joint reply to the governments response, with a limit of 10 pages.
In filing a reply, NAMB and NAIHP will have to collaborate on addressing the trial judge's justification for denying the original motion for a temporary injunction against the rule. The plaintiffs seek to delay the implementation of the final rule until the case has been property adjudicated by the court.
