Earlier this week, a federal judge in Texas granted a preliminary injunction against banking regulators enforcing the new CRA (Community Reinvestment Act) rules.
The lawsuit (brought by the American Bankers Association, the U.S. Chamber of Commerce, Independent Community Bankers of America, Texas Bankers Association, Independent Bankers Association of Texas, Amarillo Chamber of Commerce and Longview Chamber of Commerce) was originally filed on February 29th of this year and can be found here. In it, they claim that the New CRA rules exceed the statutory authority of the agencies and sought a preliminary injunction.
Their request to halt implementation while the case is ongoing was granted by District Court Judge Matthew Kacsmaryk.
We’re closely monitoring this issue and will keep you updated with any new developments or insights as they arise.