Federal court rules in favor of CFPB, TBA to appeal

A federal court in the Southern District of Texas ruled favor of the Consumer Financial Protection Bureau in TBA’s challenge to the Section 1071 Final Rule. Judge Randy Crane ruled that the CFPB did not exceed its authority with the rule, nor did it violate the Administrative Procedure Act.

TBA and the American Bankers Association plan to appeal the decision to the Fifth Circuit Court of Appeals.