ABA Banking Journal, March 30, 2024, Federal Court Pauses CRA Rule Implementation Following ABA Lawsuit
A federal judge in Texas on Friday issued a preliminary injunction against enforcing new rules implementing the Community Reinvestment Act in a lawsuit brought by the American Bankers Association and other business groups.
“While we strongly support the goals of CRA, the final rules exceeded the banking agencies’ regulatory authority and created disincentives for banks to lend in low- and moderate-income communities that need access to credit the most,” the groups said. “We look forward to litigating this matter to a final judgment.”
