Appellate Brief Regarding Injunction Against Banking Agencies’ CRA Final Rule

ICBA and other groups on Sept. 18 filed an appellate brief with the 5th Circuit Court regarding the banking agencies’ final rules on the Community Reinvestment Act. ICBA argued that the final rules unlawfully evaluate banks’ performance nationwide not within the bank’s “community”; the CRA only allows evaluation of banks’ performance as to community credit needs; the final rules inflict quintessential irreparable harm through significant, unrecoverable compliance costs; and the balance of the equities favors a preliminary injunction.