Federal Court Ruling in CFPB Exam Manual Litigation

“While we’re still reviewing the final judgment and its full implications, we’re pleased with today's U.S. District Court ruling that makes clear the CFPB exceeded its statutory authority when it 'updated' its exam manual and announced an open-ended and novel power to examine banks for alleged discriminatory conduct. This authority is nowhere to be found in the agency’s mandate from Congress, as the court concluded today. We strongly support the fair enforcement of nondiscrimination laws, but the Bureau’s extraordinary expansion of its regulatory reach crossed the line.

As our members know all too well, banks must follow the rules, but federal regulators must as well. Unfortunately, this CFPB has too often chosen to ignore the law and the will of Congress, forcing us to seek relief in court. We hope this ruling sends a clear message to the Bureau and all federal regulators that they must operate within the boundaries set by Congress.”

Read the Full Opinion from the U.S. District Court for the Eastern District of Texas

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