Lawsuit Alleges CFPB is Overstepping Its Authority

On September 28 business trade associations filed a complaint against the CFPB in response to the Bureau’s March 2022 update of its examination guidelines. The update means to extend the Federal fair lending protections of credit products (home loans, auto loans, credit cards) to other banking products like checking and deposit accounts. The plaintiffs allege that the CFPB would need to implement any such changes via a rule proposal and public comment process and assert that the CFPB is pursuing an “ideological agenda.”

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