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 issued the following statement after the decision by the Northern District of Texas late Friday to pause implementation of the Community Reinvestment Act Final Rules:
“We welcome this decision by the Northern District of Texas pausing implementation of the Community Reinvestment Act Final Rules until the litigation we filed challenging the rules can be resolved. 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. We look forward to litigating this matter to a final judgment.”
Media ContactsABA Media Contact: Jeff Sigmund
Email: jsigmund@aba.comU.S. Chamber of Commerce Media Contact: Lauren Waldron
Email: LWaldron@USChamber.comICBA Media Contact: Thomas Warren
Email: thomas.warren@icba.org