Following a district court decision denying ICBA’s lawsuit challenging the Consumer Financial Protection Bureau’s 1071 small-business rule, ICBA is now appealing the ruling.
Court Case: In a previous court filing, ICBA, the Independent Bankers Association of Texas, the American Bankers Association, the Texas Bankers Association, and Texas First Bank argued that the bureau violated the law in issuing its 1071 rule by exceeding its statutory authority and by failing to comply with the Administrative Procedures Act.
ICBA Alert: In a message to community bankers, ICBA President and CEO Rebeca Romero Rainey announced that following the U.S. District Court ruling last week, it is now in the process of appeal. She also noted that ICBA continues to support legislation to rein in CFPB regulatory burdens.
Outlook: “The bottom line: With the 1071 rule posing a serious threat to small businesses nationwide, ICBA will continue utilizing every available channel to mitigate the negative impact of this and other misguided CFPB rulemakings on community banks and the local communities you serve,” Romero Rainey said.
